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ARE YOU BEING SERVED? Hello Alfred, a startup that aims to make concierge service more accessible, may be coming to a building near you PAGE 23

FILMING BERNIE MADOFF P. 5

TO FIX A HEALTH CARE CRISIS, CITY TURNS TO THE NYPD P. 8

THE LIST New York’s Largest Publicly Traded Companies P. 11

VOL. XXXIII, NO. 21 WWW.CRAINSNEWYORK.COM

NEWSPAPER

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Untitled-2 1 5/19/17 5:29 PM MAY 22 - 28, 2017 CRAINSNEW YORK BUSINESS

FROM THE NEWSROOM | JEREMY SMERD | EDITOR IN THIS ISSUE

Bridging a shared divide 4 AGENDA How taxi drivers make 5 IN CASE YOU MISSED IT money in the AS EDITOR OF CRAIN’S NEW YORK BUSINESS, I don’t nor- age of Uber 6 INSTANT EXPERT mally find myself going to New Jersey on official business. But last week I traveled to the beautiful Hoboken waterfront 8 HEALTH CARE to speak at Propelify, a festival celebrating New York–area 10 VIEWPOINTS startups. The conference grew out of New Jersey’s tech FEATURES scene, but attendees represented both sides of the Hudson. 11 LARGEST PUBLIC COMPANIES “Entrepreneurship is everywhere,” said Aaron Price, the fes- 23 CHORES ON DEMAND tival’s founder. “There’s a cultural, mental and geographical barrier between New York and New Jersey. But once people get here, they realize it doesn’t really exist.” P. Barriers, be they physical or economic, make it harder 28 There’s a cultural CATHERINE for our city to thrive. To plan, leaders need to think be- RUSSELL and geographical yond borders. That’s why our June 14 real estate confer- “ ence, “Don’t Just Think Big. Build Big,” features a slate of barrier ... but it all-star speakers from all over the metro area, including doesn’t really exist John Degnan, chairman of the Port Authority of New York 28 GOTHAM GIGS and New Jersey. He may be a Jersey guy, but he’s got a plan 29 SNAPS to rebuild the Port Authority’s bus terminal with an eye to making improvements 30 FOR THE RECORD for the entire region. Go to CrainsNewYork.com/events for details and join us. 31 PHOTO FINISH

Vol. XXXIII, No. 21, May 22, 2017—Crain’s New York Business (ISSN 8756-789X) is published weekly, except for CORRECTION double issues the weeks of June 26, July 10, July 24, Aug. 7, Aug. 21 and Dec. 18, by Crain Communications Inc., 685 Third Sarah Kauss is the founder and CEO of S’Well. Ave., New York, NY 10017. Periodicals postage paid at New York, NY, and additional mailing offices. Postmaster: Send address changes to: Crain’s New York Business, Circulation Department, 1155 Gratiot Ave., Detroit, MI 48207-2912. Her first name was misspelled in “Cultivating For subscriber service: Call 877-824-9379. Fax 313-446-6777. $3.00 a copy, $99.95 one year, $179.95 two years. entrepreneurs,” published May 15. (GST No. 13676-0444-RT) ©Entire contents copyright 2017 by Crain Communications Inc. All rights reserved. BUCK ENNIS

May 22, 2017 | CRAIN’S NEW YORK BUSINESS | 3

P003_CN_20170522.indd 3 5/19/17 6:15 PM WHAT’S NEW May 22, 2017

AGENDAShort-term thinking and selfish play fail in basketball, as in business

t’s the time of year again when NBA teams that planned for the future reap the rewards by winning playoff games while the stubborn New York Knicks and bumbling Brooklyn Nets watch on television. As we noted on this page a year ago, the city’s two professional Ibasketball teams have been ignoring a basic tenet of business by sacrificing their long-term prospects in an ill-fated effort to win (and sell tickets) right away. Their seasons, unfortunately, turned out as badly as we ex- pected. The Knicks, in a scenario that has become perennial, failed to jell around , the marquee player they acquired in 2011 for ALLEY-OOPS Trading a package of young talent and draft picks. The team’s latest short-term four first-round picks to the Celtics has acquisition, Derrick Rose, hurt one of his oft-injured knees toward the end doomed the Nets to of a miserable 31-51 campaign and is likely done in New York. years of mediocrity. The Nets did even worse, winning 20 games and losing 62, easily the league’s sorriest record. Their roster was filled with castoffs and call-ups prepared to finally start building from scratch. Sadly, it won’t have much from the NBA’s developmental league because in 2013 the team traded to scratch together anytime soon; its 2018 first-round pick also went to four future first-round draft picks to the Boston Celtics for faded stars Paul Boston in that lopsided swap. Pierce and Kevin Garnett. Both are long gone. The Knicks, meanwhile, have failed to deal Anthony and are now The damage from the Nets’ historically bad deal is still accruing. More watching his age and his trade value move in opposite directions. Knicks salt was rubbed in the wounds last week, President Phil Jackson figured out long when the Celtics won the NBA draft The misery of the Knicks and Nets ago that his star will never play the lottery with the 2017 pick they received can be traced back to ill-fated trades kind of team basketball that the Knicks from Brooklyn, meaning Boston will se- were known for when they won their lect first in the upcoming draft. That bit and misguided philosophies only two titles, in 1970 and 1973. As a of good luck occurred the day after the role-playing forward on those squads Celtics advanced to the Eastern Conference finals. As fate would have it, and a six-time champion as a coach, he knows that hoops teams are like Boston will make its pick at the Barclays Center, the Nets’ home arena, businesses: They function best as a cohesive group—something the ball- where the draft will be held June 22. dominating Anthony renders impossible. We can only guess that Jackson But at least the Nets appear to have realized the error of their ways. has held on to his leading scorer on orders from team owner James Dolan. This year the team took its lumps rather than try for a quick fix and seems Otherwise, his failure to act is inexcusable. — THE EDITORS

FINE PRINT The discrepancy between ’s effective property tax rates on single-family homes and on apartment buildings is the biggest in the nation for the 12th consecutive year, with multiple-unit dwellings taxed five times higher. The city’s rate on apartments is the country’s highest, and its rate on commercial property is behind only Detroit’s, found an annual analysis by the Lincoln Institute of Land Policy.

BY GERALD SCHIFMAN STATS

25 WORDS OR LESS OFF THE RAILS Portion of freight in the greater % New York region transported by

AMONG U.S. CITIES, New York is uniquely underserved by rail freight. 90 truck; trains handle just 2% to 3% AND THE CITY Check your % Portion of New York intercity “ freight that moves by rail; pockets. Check 1.8 nationally, 40% does Truck congestion costs your glove box. $ borne by New York 2.5B consumers annually Look under the Number of trucks needed to haul couch cushions. 4 what one railcar can —Gweneth Dean, director of the Division of the Lottery, about an un- claimed ticket worth $24 million and sold in TriBeCa last year that expires May 24.

AP IMAGES, ISTOCK ADDICTED TO NUMBERS? GET A DAILY DOSE AT @STATSANDTHECITY. SOURCES: Rep. Jerrold Nadler, Associ- ation of American Railroads; Crain’s

4 | CRAIN’S NEW YORK BUSINESS | May 22, 2017

P004_CN_20170522.indd 4 5/19/17 6:15 PM AGENDA ICYMI CRAINSNEW YORK BUSINESS EDITOR IN CHIEF Rance Crain publisher, vp Jill R. Kaplan executive assistant Devin Arroyo, 212.210.0701 EDITORIAL editor Jeremy Smerd Makers of Madoff movie got managing editor Brendan O’Connor assistant managing editors Erik Engquist, Jeanhee Kim, Robin D. Schatz creative to shoot here web editor Amanda Fung copy desk chief Telisha Bryan BO’S WIZARD OF LIES, which premiered May 20 art director Carolyn McClain photographer Buck Ennis and stars as Bernie Madoff and senior reporters Joe Anuta, Aaron Elstein, Michelle Pfeiffer as his wife, Ruth, was filmed in 65 Matthew Flamm, Daniel Geiger H reporters Rosa Goldensohn, locations around New York and at the Gold Coast Studios on Jonathan LaMantia, Caroline Lewis data reporter Gerald Schifman Long Island. Although the true story of the biggest fraud in web producer Peter D’Amato U.S. history took place here in the city in the not-so-distant columnist Greg David contributing editors Tom Acitelli, past, production executives said finding authentic locations Theresa Agovino, Erik Ipsen, Cara S. Trager to shoot the film, which took 37 days and employed 450 crew ADVERTISING www.crainsnewyork.com/advertise members, wasn’t easy. advertising director Irene Bar-Am, ON LOCATION: [email protected], “The extent of the damage of the Madoff collapse is still Pfeiffer and De 212.210.0133 a very present pain in New York,” said production design- Niro in character senior account managers at Federal Plaza. Lauren Black, Zita Doktor, Rob Pierce, er Laurence Bennett. “There was no chance we would be al- Stuart Smilowitz, Debora Stein sales coordinator Devin Arroyo, lowed near the building where his penthouse was or where 212.210.0701, [email protected] his office was because they have been trying to get rid of the taint of him. Finding authentic replacements for those ONLINE general manager locations was a major task.” Rosemary Maggiore, 212.210.0237, [email protected] The locations team secured an empty floor in an office building in Harrison to replicate the BLM Investment CUSTOM CONTENT Securities offices that used to be in the Lipstick Building, complete with a full trading floor. That was the film’s director of custom content Patty Oppenheimer, 212.210.0711, most expensive set, Bennett said, though he declined to disclose the cost. Madoff’s East 64th Street penthouse was [email protected] re-created in an apartment on Riverside Drive. The crew got permission from that condo’s owners to completely multicultural sales manager Giovanni Perla, [email protected] redo the space, including building a faux elevator that opened into the living area. Apartments on West 22nd Street senior custom marketing manager Sonia David, [email protected] and Greenwich Street were used for sons Mark and Andy Madoff’s homes. custom project manager Danielle Brody, But the producers were able to secure one authentic location. After several months of negotiations, the FBI’s [email protected] EVENTS headquarters in Federal Plaza was approved for filming, setting the on-screen aftermath of Madoff’s arrest in the www.crainsnewyork.com/events place that it actually happened. “There was never a question that this movie would be shot in New York,” saidJane director of conferences & events Courtney Williams, 212.210.0257, Rosenthal, who produced the film with De Niro. — MIRIAM KREININ SOUCCAR [email protected] manager of conferences & events Adrienne Yee, [email protected] events coordinator Ashlee Schuppius, [email protected] And the ban played on DATA POINT Price check AUDIENCE DEVELOPMENT The Department of Sanitation has again Amid struggles to increase sales, CALORIE-POSTING REQUIREMENTS director of audience & content determined that polystyrene foam is ­Colgate-Palmolive CEO Ian Cook re- partnership development Michael O’Connor, 212.210.0738, nonrecyclable. Pending judicial review, WERE EXPANDED TO COVER READY- portedly told institutional investors [email protected] food-service establishments will be TO-EAT FOODS AND WILL AFFECT that he’s agreeable to selling the compa- REPRINTS banned from using takeout containers ny, possibly to Unilever, at $100 a share, reprint account executive Lauren Melesio, 1,500 STORES, INCLUDING 7-ELEVEN 212.210.0707 with the material, effective Nov. 13. for a total valuation of $88 billion. PRODUCTION The original 2015 restriction was over- AND WHOLE FOODS. FINES WILL production and pre-press director turned in a lawsuit brought against the New power suit Simone Pryce city by a food-industry coalition. RANGE FROM $200 TO $600. Ralph Lauren Corp. named Patrice media services manager Nicole Spell Louvet CEO and president. He replaces SUBSCRIPTION CUSTOMER SERVICE Scene and herd www.crainsnewyork.com/subscribe Stefan Larsson, who left the company [email protected] Four goats have returned to Brooklyn’s Freelance isn’t free over creative differences. Louvet head- 877.824.9379 (in the U.S. and Canada). Prospect Park for another season of The Freelance Isn’t Free Act went into ed Procter & Gamble’s global beauty $3.00 a copy for the print edition; or $99.95 one year, $179.95 two years, for print weed mastication. The one pygmy goat effect citywide last week. The country’s business. Ralph Lauren remains chair- subscriptions with digital access. and three Toggenburg goats are tasked first law helping freelancers get paid on man and chief creative officer. to contact the newsroom: with clearing invasive plants so the time also protects workers from non- www.crainsnewyork.com/staff 685 Third Ave., New York, NY 10017-4024 Prospect Park Alliance can beautify the payment and employer retaliation. In phone: 212.210.0100; fax: 212.210.0799 landscape with new additions. 2015 the Freelancers Union reported Entire contents ©copyright 2017 that more than 70% of city freelancers Crain Communications Inc. All rights Chelsea makeover had payment issues. reserved. ©CityBusiness is a registered trademark of MCP Inc., used under license The Department of Housing Preserva- agreement. tion and Development met last week Pedaling an expansion CRAIN COMMUNICATIONS INC. to advance long-stalled plans to ren- Motivate, the parent company of Citi BOARD OF DIRECTORS ovate four city-owned buildings on a Bike, is looking to expand throughout chairman Keith E. Crain president Rance Crain corner of Seventh Avenue and West the five boroughs, adding 6,000 bikes. treasurer Mary Kay Crain, Cindi Crain 22nd Street. The blighted properties are Most of them would be in areas that senior executive vp, William Morrow largely vacant and have been all or par- currently don’t have bike docks, such as executive vp, director of strategic operations Chris Crain tially boarded up for decades. Staten Island and the Bronx. executive vp, director of corporate Art of the deal operations K.C. Crain Easing the pain The bare minimum Spring auctions got off to a gavel- senior vp, group publisher David Klein banging start. Christie’s sold vp/production, manufacturing David Kamis The New York Compensation Insur- The Economic Policy Institute found chief financial officer Bob Recchia ance Rating Board submitted a 4.5% that 1 in 20 New Yorkers earned less $292.2 million of impressionist chief information officer Anthony DiPonio workers’ compensation premium de- than the minimum wage between 2013 and modern art, besting last founder G.D. Crain Jr. [1885-1973] crease to Gov. Andrew Cuomo. If ap- and 2015, and that New York had the year’s $141.5 million haul. chairman Mrs. G.D. Crain Jr. [1911-1996] secretary Merrilee Crain [1942-2012] proved, it would take effect Oct. 1. The third-highest rate of wage violations of Sotheby’s nabbed $110 million nongovernmental organization based the 10 most populous states. The report just for Jean-Michel Basquiat’s its reduction on the workers’ comp re- was based on data from the Bureau of 1982 skull painting.

CRAIG BLANKENHORN/HBO, BUCK ENNIS forms in Cuomo’s budget. Labor Statistics and the Census Bureau.

May 22, 2017 | CRAIN’S NEW YORK BUSINESS | 5

P005_CN_20170522.indd 5 5/19/17 6:16 PM AGENDA INSTANT EXPERT TRANSPORTATION BY ROSS BARKAN

Road wage: Drivers, taxi owners and Uber fight for survival [in 5 steps]

THE PLAYERS THE ISSUE Drivers can lease yellow cabs—paying as much as $129 plus gas for a night shift—and try to make back that money and more Driving a cab on fares. Or they can drive their own cars for apps such as Gett, in New York 2 Juno, Lyft, Uber and Via, which take a commission. Medallion owners was never an 1 once ruled the industry, but competition has cut the value of their easy living, but for $1 million metal plates in half, leading to defaults on loans and the many years it was state seizure of two major lenders. Some who gobbled up green-cab at least predictable. licenses have also gone belly-up. Drivers, blaming their own rising The industry hardly numbers and a 15% Uber fare cut, say they are hurting too. Privately changed for decades: held Uber’s share of black-car trips has slipped from 83% but is still There were yellow cabs, each requiring a medallion, and livery robust at 71%, as is its market value of $68 billion. The industry’s reg- cars, which sprung up in the 1960s in neighborhoods shunned ulator, the Taxi and by taxis. The number of medallions—currently 13,587—barely Limousine Commis- grew as demand for rides soared, and their resulting rise in sion, is responsible value made them nest eggs for their owners. That changed for keeping drivers, dramatically in 2014, when Uber and other ride-hail apps began owners and pas- to flood the market, cutting into the business of traditional sengers happy—a operators and of the fledgling “green cab” industry. App-based daunting task even drivers increasingly compete with each other too. Today getting before Uber disrupt- by behind the wheel of a taxi or a for-hire vehicle is iffy. ed everything.

YEAH, BUT... WHAT’S NEXT From 2012 to 2015 the number of for-hire drivers in Uncertainty prevails in every Uncertainty the city increased by 35% to 64,750, according to part of the industry. This prevails 3economist James Parrott. That helped push down 5 time a year ago, yellow cabs in every their median annual earnings from $30,220 to $25,232 appeared to be headed for extinc- over that period. Nearly 150,000 have TLC licenses tion. But lower lease prices and part of the today. Uber drivers, who are independent contractors and Uber’s PR struggles have spurred industry. set their own hours, can make more by working more, but a sort of comeback, and some the ride-share behemoth no longer claims they can pull drivers have returned to taxis or Drivers’ pay, in $90,000 annually. The Independent Drivers Guild in split their time between them and Uber’s ­market March surveyed the 45,000 for-hire drivers it represents Uber. Still, medallion foreclosures share and in New York City and found that 57% said they earned less loom as balloon payments on loans than $50,000, and 22% failed to make even $30,000. come due. Uber dominates among taxi-medallion Eventually, the industry’s economics will stabilize as the black cars, but it has lost market values have players adjust to the new reality. For example, medallion share to Lyft, Via and Gett (which all dropped owners have cut lease prices to compete for drivers, and just bought Juno), and is being some medallions have sold for less than $300,000. Uber pressured by drivers for more pay. raised its commission for new drivers to 25%, and the City officials are growing concerned flood of new drivers could dilute earnings and push some about traffic congestion and could to quit or return to taxis. try to bring back a failed 2015 effort to cap black cars’ growth. A fight is brewing over mandates to serve passengers who use wheelchairs, a burden being placed SOME BACKSTORY on yellow-cab owners but not their The TLC, led by Meera Joshi, has taken steps to stabilize the industry rivals. And drivers struggling to and keep yellow cabs—which have the exclusive right to serve street raise their diminished pay could be 4 hails and airport taxi lines—on the road. It has piloted a universal put out of work entirely by automated license, easing the migration of black-car drivers to traditional cabs. At vehicles in a few years. But for now the same time, a new TLC antifatigue rule limits the amount of time drivers MEERA JOSHI the city’s rising population and frus- can be on the road, a reform that could also increase their hourly pay by tration with subway delays continue limiting the competition for passengers. The commission also just proposed requiring a tipping option for to create opportunities to scoop up all ride-hailing apps, something that Uber does not offer but is mandatory in taxis. (The Independent Drivers disillusioned commuters. Group petitioned for the change, saying it could raise Uber drivers’ annual income by $3,000 to $6,000.) However, the regulating agency sees its mission as serving passengers, not sustaining medallion values, and some yellow-cab owners are calling for new leadership and help from state lawmakers. BUCK ENNIS

6 | CRAIN’S NEW YORK BUSINESS | May 22, 2017

P006_CN_20170522.indd 6 5/19/2017 12:21:17 PM AGENDA INFRASTRUCTURE

grassicpas.com MTA acts on subway delays, but pessimism persists BE YOUR Transit agency’s plan and funding are dogged by doubt BY ERIK ENGQUIST BUSINESS BEST.

ith a steady stream of sub- reduce the city’s choking traffic. We need way problems threatening his leadership, and we need it now.” to stain Gov. Andrew Cuo- At Grassi & Co., we are much mo’s reputation, the Metro- Cuomo keeps his distance more than just your accounting politanW Transportation Authority last week Cuomo has swooped in on MTA mat- firm: we are specialists specifically announced a six-point program to reduce ters before, finishing contract talks with trained in a diverse range of train delays. It was met with slightly more the Transport Workers Union and unveil- industries to help your business enthusiasm than rush-hour signal prob- ing plans for accordion-style subway cars succeed. Our client-centered lems on the Lexington line. with greater passenger capacity. But he approach towards positive Advocates called it inadequate. The did not even post the MTA’s press release business improvements will MTA’s remedy for sick passengers routine- about the six-point program—which in- help you reach the next level ly holding up tens of thousands of com- cludes separating the chairman and chief of success. Grassi & Co. muters, for example, is to add emergency executive posts for the first time this de- We are the company you keep. medical technicians to five of its 472 sta- cade. “They’ll say this allows them to do tions. “It’s not enough,” said Gene Rus- more work,” said Russianoff. “This allows sianoff, head of the Straphangers Cam- them to have two warring bureaucracies.” paign. “The amount of money [allocated] Joining the Straphangers in savaging is picayune compared to what’s the plan, the Daily News edito- needed.” rial board offered a four-point Ah, money—the MTA nev- version. Point one: Don’t split er seems to have enough to the chairman and CEO jobs; keep the subways modern and instead, hire a superstar to lead in good repair. For instance, it 5 the agency, which has been run SUBWAY STATIONS, lacks funds to rapidly replace out of 472, to get on an interim basis since Janu- 488 Madison Avenue, 21st Floor aging subway cars or upgrade its medics ary by Veronique Hakim while New York, NY 10022 l 212.661.6166 tracks and 13,000 signals, those a search has dragged on. JERICHO, NY l RONKONKOMA, NY l WHITE PLAINS, NY l PARK RIDGE, NJ century-old devices that turn Point two was to have train track lights red to stop trains. The new crews move sick passengers to platforms, plan does accelerate the delivery of 750 as was done years ago. Russianoff said, “If new subway cars, but the first ones still the MTA had its way, it would just drag won’t arrive until September 2018. you off the train,” but that “would violate Now with ability to add Meanwhile, the financial picture grew the Geneva Conventions.” company logo dimmer as Move NY, the creator of a toll- The News also called for Cuomo to re- EXECUTIVE and own the section in print ing plan that would raise billions of dollars store $65 million he yanked from the MTA for the MTA, admitted it has hit a red light and to “finally, finally, finally put guber- MOVES Contact Debora Stein at 212-210-0274 of its own. natorial weight behind” Move NY’s plan, [email protected] “The general view is that until the gov- which would toll the East River bridges. ernor understands New York is in the One overdue element of the MTA plan midst of a full-blown transit crisis that is is “wayfinding” to trim the time subways only going to get worse with time and in- spend loading and unloading passengers. attention, innovative proposals like Move Visual cues could deter riders from stand- NY aren’t going anywhere in Albany,” said ing in doorways—improving dwell time at the organization’s campaign director, Alex little expense. Platform agents, who today Matthiessen. “Move NY could raise nearly use flashlights and walkie-talkies, will also $1.5 billion a year to upgrade and expand be trained and given new technology to our failing transit system and significantly better orchestrate passenger movement. ■

Sky-high costs choke funding more expansions. “We’re not go- construction, reports find ing to get more transportation construc- tion, however crucial to the city’s develop- New York, New York, is top of the list, A– ment, unless costs are brought down and No. 1—in construction costs. If you can procedures streamlined,” wrote the RPA’s build it there, you can build it anywhere Julia ­Vitullo-Martin. on earth for less, a report by profession- The city hasn’t significantly expanded al services company Turner & Townsend its subway system since 1937, while rival found. Another analysis pegged the Big cities have built out theirs and plan to con- Apple’s latest subway project as easily the tinue. , a dense city with many of the most expensive in world history. same construction challenges as New York, The metrics are disturbing indicators has more than 50 miles of light rail and of the city’s struggles to add affordable of- subway tracks planned; New York has two. fice space, housing and transit to facilitate “This is a grim subject indeed,” Vitullo- growth as it competes with other metro Martin wrote. areas for talent. The cost problem also affects housing The new Second Avenue subway cost and office prices. This year New York offi- $807 million per track mile, the Regional cially overtook Zurich as the priciest city Plan Association calculated, while Lon- for construction, thanks to rising labor don completed a similar project for $124 costs and the difficulty of building verti- million per track mile. The discrepancy cally in such a dense city—factors that are could deter New York politicians from not likely to change. — JOE ANUTA

May 22, 2017 | CRAIN’S NEW YORK BUSINESS | 7

P007_CN_20170522.indd 7 5/19/17 6:51 PM AGENDA HEALTH CARE

NYPD gets biggest share of new city funding to fight overdose deaths Will stepping up drug-dealer arrests help alleviate the opioid crisis? BY CAROLINE LEWIS

hen the de Blasio administration “New York City is facing an opioid drug crisis announced its HealingNYC initiative driven by a toxic mixture of cheap heroin and fenta- NYC Police in March to lower the death toll from nyl, which is why we launched HealingNYC—a com- Commissioner opioid overdoses, Police Commis- prehensive initiative that combines proven public James O’Neill sionerW James O’Neill lauded the initiative, saying “We health and safety efforts to reduce overdose deaths,” can’t arrest our way out of this problem.” a city spokeswoman said in a statement. But the police department will be getting millions of dollars a year to do just that, according to a city Disrupting the supply chain budget document. Since January the Police Department has opened Nearly half of the $143.7 million budgeted for more than 550 investigations into overdoses, a HealingNYC through fiscal year 2021 will go to the spokeswoman said. On Staten Island the Overdose iar with its opioid initiatives. “It disrupts the supply NYPD, mostly to step up arrests of drug dealers. Response Initiative has been in place since February chain for a few days, if that.” The rest of the funds will be spread among multi- 2016 and has resulted in the takedown of three drug He also said sending police to investigate overdos- ple agencies and spent on public health approaches rings and the arrests of nearly 75 dealers, according es “runs at complete cross-purposes to New York’s such as expanding access to naloxone, the drug that to the Richmond County District Attorney’s Office. Good Samaritan Law.” The measure is supposed to reverses opioid overdoses, and addiction treatment. “This is vital to our success in both stemming the protect people who call 911 to report an overdose Some $13.6 million of the $16 million to $18 mil- flow of opioids into our communities and reducing from getting arrested. lion allotted to the NYPD annually through the pro- the number of overdose deaths,” said Richmond Gathering information about where overdoses are gram will go to the department’s Overdose Response County District Attorney Michael McMahon. “It can- taking place and the contents of the drugs involved Initiative, which investigates overdoses to trace drugs not be stated enough just how important the Over- helps inform the city’s response and educate people back to dealers. Precincts across the city have start- dose Response Initiative has been in our fight to put about the risks of drug use, but this work can be done ed investigating overdoses during the past year, the dealers behind bars and save lives.” by the Health Department, said Beletsky. police department said. The new funds will allow the But Leo Beletsky, associate professor of law and The NYPD will also receive about $2 million every NYPD to dedicate 84 detectives and 50 additional health sciences at Northeastern University School of other year to equip officers with naloxone kits, and laboratory staffers to the effort. Law, said little evidence exists to support the idea that roughly the same amount annually to expand local The NYPD is transferring detectives to the Over- arresting drug dealers will lead to fewer overdoses. involvement in federal efforts to block drugs from en- dose Response Initiative from within the force and “Taking someone out of the drug supply chain tering the city, a city spokeswoman said. ■ will use HealingNYC funds to fill those vacated posi- has not been shown to affect the drug supply,” said tions, according to the department. Beletsky, who has consulted for the city and is famil- Rosa Goldensohn contributed to this story.

Northwell leads is available, patients re- $8 million funding ceive a link to the Con- round for Conversa versa chat platform via text or email, depending Conversa, a San Francis- on their preference, and co startup whose plat- then are prompted to form helps health care answer questions about providers communicate their health. —C.L. with patients, raised $8 million in a Series A funding round led by Manhattan health care Northwell Ventures, the marketer buys a rival company said. “When we’re out in Mesmerize Market- the marketplace, we’re ing, which places ads evaluating all these com- inside doctors’ offices peting technologies,” said and pharmacies, has ac- Eric Feinstein, venture quired a rival, Bethel, capital manager at North- Conn.–based Elite Sam- well Ventures, the invest- pling & Media Group. A trophy quality fully ment arm of Northwell Founded in 2006, Health. “What struck me Mesmerize displays so- furnished leasing opportunity the first time I saw Con- called static advertis- versa is the simplicity of ing—such as wallboards, in Bridgewater, New Jersey the platform from a user- brochures and posters— experience standpoint.” in waiting and exam Northwell Health is now rooms for clients includ- working to put Conversa ing Gilead Sciences and to use. Merck. The platform aims to The deal will expand engage patients who have the company’s network been discharged follow- to include 50,000 physi- Greg Barkan RémyRémy deVarennedeVarenne Sean Morley PatPat MMurphyurphy ing surgery or who are cians. “This gives us crit- Senior Vice President SeniorSenior ViceVice PPresidentresident First Vice President ExecutiveExecutive VViceice PresidentPresident managing chronic diseas- ical mass to be the largest CBRE CBRECBRE CBRE +1+1 212212 884141 76007600 es such as diabetes in or- static media company at +1 201 712 5812 +1+1 201201 771212 56085608 +1 201 712 5662 [email protected] [email protected]@cbre.com [email protected] der to collect information the point of care,” Mes- on their progress. merize CEO Gregory

Once the platform Leibert said. —J.L. GETTY IMAGES

8 | CRAIN’S NEW YORK BUSINESS | May 22, 2017

P008_CN_20170522.indd 8 5/19/2017 4:02:46 PM PIER 40 NEW YORK

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Meeting | and interact with specifi c communities HornblowerNY.com/Crains 646-798-4234 planners who connect the dots of attend- FOLLOW US    @HornblowerNY and customers. Planners are using data ees’ interests, behaviors, roles/titles, regions to impact the success of their meetings and scheduled sessions in their pre-event NEW YORK SAN FRANCISCO SAN DIEGO NEWPORT BEACH MARINA DEL REY through event management and registra- communications have an opportunity to tion software, digital outreach, mobile apps, hyperpersonalize the event experience. This wearables, RFID, iBeacons and interactive customized messaging might entail alerting technology. attendees to highly relevant conference Crain’s Custom Studio offers the following sessions and special events, or encouraging ways to best utilize event data for your a list of fellow delegates to network based Imagine Your Ideal Event or Meeting company’s 2017 to 2018 meeting efforts: on shared interests. Now Imagine It Here LEVERAGE YOUR DIGITAL CAPABILITIES TEST NEW TECHNOLOGIES Events provide a good opportunity to • 16 Versatile Meeting According to Kaylynne Hatch, social media Spaces manager of meetingpool.net, analyzing the test out new technology, without capital • Best in Class Culinary traffi c around your event’s website is key. expense. Meeting planners can work with • 269 Deluxe Guest Rooms & Suites She uses Google Analytics to set up track- their internal IT departments to determine which technologies can be rented that will • Across the street from ing for basic web metrics like traffi c sources, the LIRR have the biggest impact on the event and how long visitors are on the site and what • 22 miles from NYC may have broader implications that warrant pages they view. Hatch also uses Google • Only 12 miles from Analytics to identify which campaigns are future purchase by the company. 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Keep in in terms of attendee engagement, audience mind that more data is not necessarily bet- reaction to speakers, use of technology and ter data. Make sure that the information you facilities, pursuit of bleisure activities and View the digital edition at are asking your registrants for will ultimately more, can help planners negotiate amenities crainsnewyork.com help you meet or defi ne your event goals and pricing in the future. and objectives. IMPROVE THE OVERALL MEETING Finally, mobile apps (including beacon and EXPERIENCE radio-frequency identifi cation tracking) An event has a start and end date, but data produce a huge amount of useful data on can live on forever. The use of data has For advertising information, contact attendees and how they navigate your become a valuable tool for event organizers, meeting space or convention hall. Use this allowing them to fi ne tune events to provide Stu Smilowitz at 212.210.0736 data to improve traffi c fl ow, inform signage, the best possible experience for attendees. assess how time is spent, gauge attendees’ By leveraging data in smart and purposeful [email protected] reaction to speakers, track audience partici- ways, meeting planners can save money, pation and optimize programming. optimize marketing campaigns, improve effi ciency, increase attendee engagement UTILIZE THE POWER OF SOCIAL MEDIA and, according to a Nucleus Research study, Be sure to have a dedicated hashtag for increase ROI. That 2014 study found that for your event and consider a social wall on- every dollar invested in analytics there is a site to add visual excitement and promote $13 return on investment. NEXT EDITION JULY 24/2017

An Advertising Supplement to Crain’s New York Business

Business_Dining_May.indd 1 5/16/17 12:16 PM AGENDA VIEWPOINTS

Early line on the mayoral race: Long odds for de Blasio’s challengers Everything seems to be going the incumbent’s way

WITH A LITTLE LESS than For the Republicans the race has OPINIONS ON DE BLASIO six months to go in clarified as well, with two candidates 60% Quinnipiac Marist NY1 the mayoral race, sev- seeking the opportunity to take on 58% 55% eral key milestones the mayor: real estate executive Paul 50% 53% have passed. The bot- Massey and Staten Island/Brooklyn tom line remains as it Assemblywoman Nicole Malliotakis. 40% has for months: Bill To say neither is well-known would be 37% 30% 34% de Blasio is cruising - charitable; more than 8 in 10 New York 27% GREG DAVID to re-election. ers don’t know enough about either to 20% 20% For the mayor the offer an opinion. milestones are all positive. Massey has raised a fair 10% 8% Manhattan’s federal and state amount of money, some of it 0 5% 4% 0 0 prosecutors have concluded % from himself, but has spent Favorable Unfavorable Don’t know Didn’t answer their investigations into his virtually all of it on consultants SOURCES: May 17 Quinnipiac poll; March 2 Marist poll; May 16 NY1/Baruch poll fundraising and suggestions of and campaign aides. He isn’t 80OF NYC VOTERS quid pro quo without bringing don’t know the participating in public financ- charges. De Blasio just reached GOP contenders ing, so he can spend whatev- four years ago, when John Catsimatidis a city where fewer than 1 in 5 voters the maximum he can raise for er he wants, which means as bedeviled Joe Lhota throughout the chose the president last Nov. 8. the September primary under much of his wealth as he is summer. In this case, though, with such The Republican primary winner will the city’s public financing program, giv- willing to commit. Malliotakis just got unknowns on the ballot, a race might have to find a way to convince New ing him $7 million to spend against to- in the race, and it isn’t clear what her actually result in more media coverage. Yorkers that they are worse off today ken opposition. He’ll be able to use that ability to raise money will be. Crain’s is doing its part, inviting Massey than four years ago. That won’t be easy. money to bolster his image while rais- Normally, a primary is bad news for and Malliotakis to a debate the last With half a year to go, it’s de Blasio’s ing all he needs to face the Republican challengers because it leaves the winner week of June. race to lose. ■ nominee. His approval rating has mark- only two months until the November Of course, there is Donald Trump, edly improved, reaching a solid 58% in a election to chip away at the other party’s whom de Blasio will attempt to link to GREG DAVID blogs regularly at Quinnipiac poll released last week. nominee. That is exactly what happened his Republican foe—a good strategy in CrainsNewYork.com.

How New York can ‘court’ global businesses

Judicial rulings are easing foreign companies’ fears about expanding here BY MATTHEW A. SCHWARTZ

or decades foreign compa- Of particular note are rules protect- For example, in 2015 a nies have both respected and ing foreign entities from “worldwide” New York federal court reject- feared the New York legal sys- liability in our nation’s courts simply ed foreign plaintiffs’ claims tem. They recognize that the because they list their securities on a that dealers in the foreign ex- Fmetropolitan area’s high-quality judges, U.S. exchange. change market conspired to arbitrators, lawyers and facilities make Following a 2010 U.S. Supreme manipulate a key benchmark it an ideal place to voluntarily resolve Court ruling that plaintiffs may bring rate because the alleged con- commercial disputes among them- securities claims under United States duct was directed at the global selves, regardless of where law only when the relevant market, not the U.S. import in the world those disputes transaction occurred in this market. Similarly, New York’s occurred. The legal commu- country, numerous New York highest court has stated that nity has wisely helped the federal courts have strict- extending the state’s antitrust local economy by encour- ly enforced that rule, which laws to a conspiracy with no aging companies to choose benefits companies facing lit- New York connections would be a the case against UBS AG should be New York as a worldwide igation, such as Credit Suisse, “highly intrusive international projec- dismissed because courts in other ju- ­dispute-resolution center. Petrobras, Porsche, Société tion of state regulatory power.” risdictions were in a better position to At the same time, foreign Générale, UBS AG and Vi- The state’s courts have also been re- rule on it. Companies such as Porsche executives have expressed sig- vendi, and deters similar suits jecting cases with only tangential ties to and Royal of Canada have also nificant concern that expand- against countless others. Ac- New York. benefited from this type of ruling. ing their businesses into the United cordingly, a foreign company can now In 2016 a state court held that it Companies maintain offices and do States could subject them to involun- list itself on a U.S. exchange without lacked jurisdiction over UBS AG, a deals in the state in part because they tary litigation and liability in Ameri- concern about being sued over pur- Swiss company, in a lawsuit brought trust our legal system, not fear it. Re- can courts for actions occurring largely chases and sales of securities abroad, by a British Virgin Islands plaintiff in ducing litigation exposure for non– abroad, even when there would be lim- where, for many, the vast majority of connection with an investment in a New York activities is important to ited or no liability in other nations. This their trading volume occurs. Chinese company on the Hong Kong attracting foreign companies to invest fear is valid, though current legal trends The country’s courts have also limit- exchange. Following a recent U.S. Su- here. The courts should be encouraged should help calm it: New York’s state ed how antitrust law applies to foreign preme Court decision, the state court to continue this trend. ■ and federal courts have been increas- companies. Following U.S. Supreme ruled that UBS AG’s presence in New ingly refusing to hear claims with ten- Court rulings, lower courts have dis- York was not “continuous and sys- Matthew A. Schwartz is a partner uous local connections that have been missed foreign purchasers’ antitrust tematic” as to make the company “es- in the litigation group at Sullivan &

GETTY IMAGES, ISTOCK, COURTESY OF SULLIVAN & CROMWELL GETTY IMAGES, ISTOCK, COURTESY OF SULLIVAN brought against foreign companies. claims with tenuous ties to New York. sentially at home” here and said that Cromwell.

10 | CRAIN’S NEW YORK BUSINESS | May 22, 2017

P010_CN_20170522.indd 10 5/19/2017 12:22:11 PM P011_CN_20170522.indd 11

BUCK ENNIS S fewer people globally, and revenue is about that half of days gone by. on year’s this list—but colossusthe considerably. has shrunk Thebank employs 120,000 you’ve got to get up and dance. We’re dancing.” still out, “When music the stops complicated. be …things will But as long as music the is playing, pany, captured spirit the of with Financial the inan erawhen, the interview Times, he blurted P. to make more mint andstands Icahn makes a INSIDE Here’s whatitlookslike today the roost.Thenmarketcrashed, changed. andtheworld Ten agothemetroarea’s years ruled financialfirms 12 Today Citi remains one of New York’s largest publicly companies—in traded it’s fact, No. 3 By November 2007Prince was out, and know we all what happened next. record $34 billion in bonus money. in record billion $34 all-time an they werespending destruction, financial implements of mass other and debt obligations collateralized into mortgages junk weren’ters bundling busy New York When on Street. Wall bank easy was living the and 2007 in ummertime PUBLIC PUBLIC LARGEST COMPANIES NEW YORK’SNEW Charles Prince, CEOof then Citigroup, at city’s the time the largest public com- THE LIST buyer P. a can’t find its lossbutstill narrows Time 16 BY AARON ELSTEIN P. makeover Watchers Oprah’s Weight 18 P. from grace Och-Ziff’s fall Hedge fund CONTINUED ONPAGE 22 21 -

May 22,2017 |

C R A IN’S NEW income soar53%. RISING REVENUE: the Empire State the EmpireState Building saw net Y The owners of of The owners ORK BUSINESS 5/19/2017 4:33:25 PM |

11 AGENDA NY AREA’S LARGEST PUBLICLY HELD COMPANIES Ranked by annual revenue

                       

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‰’Ž’ †  “‹ƒ„ ‘† Š   Š —‚ ˜ •‚• No. 10 AIG Inc.  ‚       ˆ  —‚‰ˆ •€ƒ    The insurer named  ” †š  Ž Œ‘ƒ‹“Œ†  Ž Ž ’ƒ€‚ its sixth CEO since   ‚       ­˜  Ž  Maurice “Hank” Greenberg (above) Ž š   Œ€ƒ“„„†    Š ‹ •‚•—‚‰ •ƒ ›­­– ‚•  €‚ƒ   ˆˆƒ   ˆ •€ƒ was replaced in 2005    amid an accounting •’ ’ –œ Ž       scandal. Although  “ ‚•   ‚  „ ˆ€•‚­    some investors believe the company                „ ƒ  †     ­€‚  ƒ  should be broken up, its new chief, Brian        ‹ƒ       ‡ˆ   ­Duperreault, promis-  ‰     Š ƒ  es to hold it together  ŒŽ‘        „ ƒ  † and build business. ˆ ††­ Š’ ††Ž  ƒ   ƒ  ‘  †„“     Œ                 ”  •   ƒŠ  † • ƒ  ­  €‚ ˆ    ƒ            ‰    Š†ƒ  „ ƒ   „ ‚‚ ‡–             † ™   —  •   ƒ   ˜­  ƒ  † ‡  š‰–   ƒ      ƒ ƒ  š ƒ ‰  ›       ƒ    ƒ †   ™    No. 17 21st Century Fox Sexual harassment † ˆ‚‚ šŽ—         )`egdG`IQ  œ ˜ Š‡™     ™ †  ƒ   allegations forced out Bill O’Reilly. ­Roger ƒ‚ ‰  &5D!       %`fQdfGU`YQ`fG`P Ailes is dead. Megyn 9UpfT!hQ4QiEadW4E IRIaY YQPUG   Kelly decamped to NBC. Will audiences   Š‚ 3        $QbGdfYQ`fefadQe  CfT9f4QiEadW4E YGIqeU`IIaY  stick with Fox News, the cash cow of the ‹‚Œ ‚Ž‘‘ "3E  ƒ     6TGdYGIQgfUIGXe Murdoch family’s 6GdW!hQ4QiEadW4E HYeIaY   empire? Stay tuned.  €„‚‚ )%6  ƒ    `Y &U`G`IUGXeQdhUIQe Earnings dipped partly UQXbIaY    &URfT!hQ4QiEadW4E because 2015 results ‹ ’“” "1   ƒ     "G`WU`S got a bump from  2UHQdfq9f4QiEadW4E H`qYQXXa`IaY  asset sales. •   53#  ƒ ƒ     !PhQdfUeU`SGSQ`IUQe  3GPUea`!hQ4QiEadW4E aY`UIaYSdagbIaY   Œ  ˆ #2  ƒƒ    (QGXfTG`PHQGgfqGUPe  6GdW!hQ4QiEadW4E IaXSGfQbGXYaXUhQIaY   †€ ‚ #@9(  ƒ     9aRfiGdQ  &dG`WC"gdd"XhP@QG`QIW40 IaS`UrG`fIaY  ’“‹ ­‚ 4C2  ƒ      (ageQiGdQeG`P 8UhQd9f(aHaWQ`40 `QiQXXHdG`PeIaY ebQIUGXfUQe    ‚€– ‚ 33#  ƒ ƒƒ    )`egdG`IQ  9UpfT!hQ4QiEadW4E YYIIaY  No. 20 Icahn ‹ #"9   ƒƒ     %`fQdfGU`YQ`fG`P Enterprises C`P9f4QiEadW4E IHeIadbadGfUa`IaY YQPUG It’s the best of times   for activist investor –“‚ 2  ƒƒ    (aXPU`SIaYbG`q Carl Icahn. Not only XaQieIaY   3GPUea`!hQ4QiEadW4E is his hedge fund —   B)!"  ƒ       &UXYbdaPgIfUa`G`P making a mint, but "daGPiGq4QiEadW4E hUGIaYIaY IGHXQfQXQhUeUa` as a special ­adviser   on regulatory ­matters ‹˜‚ "$D  ƒ       3QPUIGXQcgUbYQ`fG`P to President Donald "QIfa`$dUhQ&dG`WXU`2GWQe40 HPIaY egbbXUQe    Trump, he’s posi- tioned to weaken  !84#  ƒ      `Y !QdaebGIQG`PPQRQ`eQ environmental and  6GdW!hQ4QiEadW4E GdIa`UIIaY   securities-industry ‹­‹ €‹ ­ """E  ƒ  ƒ     $aYQefUISaaPeG`P regulations that affect 2UHQdfq!hQA`Ua`40 HQPHGfTG`PHQqa`PIaY TaYQRgd`UeTU`Se   businesses he owns. BLOOMBERG NEWS, BUCK ENNIS ‚­ ­„­‚ %$  ƒ     %XQIfdUIG`PSGe  )dhU`S6XGIQ4QiEadW4E Ia`QPUea`IaY   12 | CRAIN’S NEW YORK BUSINESS | May 22, 2017

P012_P013_CN_20170522.indd 12 5/19/2017 4:41:20 PM                        

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May 22, 2017 | CRAIN’S NEW YORK BUSINESS | 17

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Its stock price  „ ˆ 1!@%    Š  Š  !bbGdQX hit a three-year low 6GdW!hQ4QiEadW4E WGfQebGPQIaY   in December before an activist investor „‰ Š€ 9"4E           &URfT!hQ4QiEadW4E   started urging the company to shop it-             ‡ ˆ†‰‰‰†€    ­€ ‚ƒ„ ‚„ € †  self around. In its last year of independence,                 ‰ †  Kate Spade improved ˆ Š‹ ƒ†€‹  €  ‰‰     ‚Œ  its fortunes with rising sales and a drop in     Ž‘          Ž†€  ’ ­€ ‚ƒ„ ‚„  “   overhead.    ­ €  ‚  ƒ ‚Ž”          Ž†€   ­€ ‚ƒ„ ‚„ ƒ     „ € ‚    ‚•–Š          —“†    ­€ ‚ƒ„ ‚„ ƒ ‹€   †† ‡     ˜’–     †       ˜† ƒ‹œ  ™†‹š Ž ‹š†—† ‚„ €  › ƒ  ˆ ‰ˆ       –ž–         – † €    ­€ ‚ƒ„ ‚„ ƒ ƒ   ‡ ‚   ˜Ÿ           ˜ †€  No. 119 Weight   ­€ ‚ƒ„ ‚„ œ   Watchers International     —’—       Š†   †‹ Oprah Winfrey’s en-  Š‹ ­€ ‚ƒ„ ‚„ †‰  dorsement has really  Šš         ˜ †€  paid off. She forked  Ÿƒ  ‚ƒ„ ‚„     over about $45 mil-      ŠŸ          ‡ Š €‹ lion for a 10% stake in  ——†¡‚ƒ„ ‚„ €     October 2015, when  the company was rap-    šŠ           Ž†€  idly losing members. Š‹ ­€ ‚ƒ„ ‚„    Things have turned   around, and last year    Ž‚ž    ­     ‡ ž†    subscriber rolls grew   ‹ †† ƒŽ ‹Š†€††‚„  €   by 10% after Winfrey       Š—           Š  €  †‰ began describing  ‚  †€‹   ‰ ‰  what Weight Watchers  ’ †‹š‚„ did for her. Winfrey’s €   ­Žšš    ­        ˜ †€  stake is now worth  —­€ ‚ƒ„ ‚„  ‰† ‰  AP IMAGES, GETTY IMAGES $150 million. ‚ ƒ  –—š  „       š  †‹† Ž œ††—†¡‚ƒ„ ‚„ ƒ‰  €    18 | CRAIN’S NEW YORK BUSINESS | May 22, 2017 †‡ˆ ‰ƒ  ‚–„  „­„     ‡ ­‰‰†  –   ‚ƒ„ ‚„ ‹ ‰  Š     ™—„         ‡ € “   ‹ ‚ƒ„ ‚„ ‰ ‹“  P016_P020_CN_20170522.indd 18  5/19/2017 5:13:35 PM  ‹  š           Œ˜¢—ƒ ˆ††‚Œ   € “   ƒŒ  ˆ‚ˆ  ­     ‡ Š†‰ ‹   Š‹ ­€ ‚ƒ„ ‚„ ‹      ‹     —ˆ   ­       š  ‰ ‹   – —†Ž ‹ž ƒ‚„ ‰“‹   Ž ‘ £              ­    „ ­€ ‚ƒ„ ‚„   “       —•š   „­        ­  ‹ •   ‚ƒ„ ‚„ ‰ ‰   ‹“  ‡‹ Š’“ ””    ™”Š       ‡ € ‹€   –    ‚ƒ„ ‚„ ¡ ‰  6feRc`Yet4QPUGt0YI    !  ­ €  ‚  ƒ            „ "sc`a`deGWQt0YI  †‡ „    `Y !bbGdQX  ˆ‰ŠŠ  ‹‰ƒ  Œ GQdabaefGXQIaY   )$@      @QXQIaYYg`UIGfUa`e  "daGP9f4QiGdW40 UPf`Qf        %B8   Š  Š  9QIgdUfUQe  %`P9f4QiEadW4E QhQdIadQIaY    1#'      Š)`hQefYQ`fHG`WU`S BQeQq9f4QiEadW4E WISIaY G`PHdaWQdGSQ       1)3    ­    8QGXQefGfQU`hQefYQ`f 4Qi(qPQ6GdW8aGP WUYIadQGXfqIaY fdgef  4Qi(qPQ6GdW4E  € ‚ƒ   „ ƒ   @@C5  † Š  `Y 9aRfiGdQ  "daGPiGq4QiEadW4E fGWQSGYQeIaY   „ ‡  9(55     Š &aafiQGd "Gd`Qff!hQ efQhQYGPPQ`IaY    2a`S)eXG`P#Ufq4E  „ ˆ 1!@%    Š  Š  !bbGdQX 6GdW!hQ4QiEadW4E WGfQebGPQIaY   „‰ Š€ 9"4E           &URfT!hQ4QiEadW4E               ‡ ˆ†‰‰‰†€    ­€ ‚ƒ„ ‚„ € †                  ‰ †  ˆ Š‹ ƒ†€‹  €  ‰‰     ‚Œ      Ž‘          Ž†€  ’ ­€ ‚ƒ„ ‚„  “      ­ €  ‚  ƒ ‚Ž”          Ž†€   ­€ ‚ƒ„ ‚„ ƒ     „ € ‚    ‚•–Š          —“†    ­€ ‚ƒ„ ‚„ ƒ ‹€   †† ‡     ˜’–     †       ˜† ƒ‹œ  ™†‹š Ž ‹š†—† ‚„ €  › ƒ  ˆ ‰ˆ       –ž–         – † €    ­€ ‚ƒ„ ‚„ ƒ ƒ   ‡ ‚   ˜Ÿ           ˜ †€    ­€ ‚ƒ„ ‚„ œ       —’—       Š†   †‹  Š‹ ­€ ‚ƒ„ ‚„ †‰   Šš         ˜ †€   Ÿƒ  ‚ƒ„ ‚„          ŠŸ          ‡ Š €‹ ——†¡‚ƒ„ ‚„ €          šŠ           Ž†€  Š‹ ­€ ‚ƒ„ ‚„         Ž‚ž    NY AREA’S ­ LARGEST    PUBLICLY ‡ ž†    HELD COMPANIES    ‹ †† ƒŽ ‹Š†€††‚„  €        Š—           Š  €  †‰  ‚  †€‹   ‰ ‰   ’ †‹š‚„     €   ­Žšš      ­          ˜ †€         —­€ ‚ƒ„ ‚„  ‰† ‰           ‚ ƒ  ­ €­‚ƒƒ „ „­†–—š      ‡ˆ‰†Š „            ­€ ‚š  †‹†     Ž œ††—†¡‚ƒ„ ‚„ ƒ‰    €    †‡ˆ ‰ƒ  ‚–„  „­„     ‡ ­‰‰†            –   ‚ƒ„ ‚„ ‹ ‰        ­€‚ ƒ  ­   „     ­€‚   †‡ ˆ   ‰    ­€ Š   €  Š     ­€ ‚  ™—„          ‹Œ                    ‡ Ž  € “ Ž       ‹ ‚ƒ„ ‚„     ‹ ‘  €€  ’ ‰          “       €Ž ‹“            ”        ‹•        €Ž     Š   –     ‹Œ—   ’    ’     €       ’    ’          —        ‹      š  €                   ˜ ­ ™          ’        Œ˜¢—ƒ ˆ††‚Œ   € “   ƒŒ  ˆ‚ˆ  ­     ‡ Š†‰ ‹  No. 131 Investors  Š‹ ­€ ‚ƒ„ ‚„ ‹     Bancorp Inc.  ‹     —ˆ   ­       š  ‰ ‹  How does a small ‰“‹   – —†Ž ‹ž ƒ‚„ bank get noticed? A  Ž ‘ £              ­   little star power could  „ ­€ ‚ƒ„ ‚„   “   help. Investors Sav-     —•š   „­        ­  ‹ ings Bank launched •   ‚ƒ„ ‚„ ‰ ‰   ‹“ an ad campaign fea-  ‡‹ turing a “green team” Š’“ ””    ™”Š       ‡ € ‹€  of former Giants quar- ¡ ‰   –    ‚ƒ„ ‚„ terback     ­€ ‚ƒ € „  † and the Jets’ Boomer          Esiason. “You know,  ‡ˆ ­   ƒ€ ‚ ­€ ‘  „ Boomer, I never  ‰ †Š„ ‹Œ Œ­ ‹Ž  ’„  ‹† thought I’d say this,  ƒ‰ but I do look good in         ­€­‚ƒ­ ­„ green,” Simms says         ƒ­‚ ƒ„   in the ad. The bank may not be small      † ˆˆ     ƒ‰€ƒ­€­ for long. Revenue in ‡ƒ€ ­       ƒ‚ €­€­  €  CONTINUED ON PAGE 20 2016 grew nearly 8%.    Š‹Œ      ­“ †”•ƒ‰€ƒ ˆŽ ƒ ƒ‘      ’ƒƒ ­„ ’  ­€­€      Œ–—˜    ­  ˆ   šƒƒ’ €€­„  Šƒ       ™‰€  ˆ €‚  Œ˜ ˆ   ­   ˆ ƒ‰€ƒ­€­   ˜      ’€ƒƒ‰‘€  € Are you ready for  ƒ „   —        ­€­‚ƒ­ ­„       ­‰”€ ­  ƒ­‚ ƒ„  ˆ †ƒ ‡ ‡˜‹  ˆˆ ˆ­   ˆ   ‡ €ƒ­ corporateŠ­­Š‰ƒ›ƒ      tax change?€„­  €  ­ƒ­­   †‡‰€‚  œ—  ­     ­“ ƒ‰€ƒ­€­ ž€ ­˜Ÿ€‘œ‘ Ÿ  ƒ ƒ‰  €  These uncertain times demand insightful tax  † Š planning and ‡œ strategy like never before. You may  ‹   ˆ ­€­‚ƒ­ ­„ Šƒ        ‰€  ƒ­‚ ƒ„  have to completely re-think your tax provision, ˆ „ŒŽrepatriation situation, —œ¡ M&A opportunitiesˆˆˆ and more. ˆ    ž € ƒ€  ˜ ƒ‹ƒ­œ‘  ‰”‚ƒ­€  ˆ EisnerAmper tax Šprofessionals serve ˆthousands ˆ    †€•        ’•­ƒ­ƒ‰  •­ƒ­ƒ‰€€ of corporate clients. We have the experience and ˆ †‘knowledge to help ‡¢ executives like you. ˆ ˆˆ    ƒ‰€ƒ­€­ Šƒ       ”ƒ  €   Are you ready for a major change in tax policy?          We are. Read our tax reform white paper at      ­€ ‚     ƒ    ­€  „ † ‡  ˆ   ­ ‰  ­ ŠEisnerAmper.com/TAXREFORM  ­ €           ‹Œ               Ž  Ž          ‹ ‘  ­­  ’           “       ­Ž           ”        ‹•         ­Ž     ‰  –    ‹Œ —  ’   ’     ­       ’   ’         —     ˜  ˜ ™š’      

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May 22, 2017 | CRAIN’S NEW YORK BUSINESS | 19

P016_P020_CN_20170522.indd 19 5/19/2017 5:13:51 PM     ­€ ‚ƒ € „  †           ­€ ‚ƒ €  „  † AGENDA      NY AREA’S LARGEST PUBLICLY  HELD COMPANIES  ‡ˆ ­   ƒ€ ‚ ­€ ‘  „ ‰ †Š„ ‹Œ Œ­  ‡ˆ ‹Ž ­   ƒ€ ‚ ­€ ’„  ‹† ‘  „  ‰ †Š„ ‹Œ Œ­ ‹Ž   ƒ‰ ’„  ‹†   ƒ‰         ­€­‚ƒ­ ­„                 ƒ­‚ ƒ„ ­€­‚ƒ­ ­„                  ƒ­‚ ƒ„                         † ˆˆ     ƒ‰€ƒ­€­ ‡ƒ€ ­          ­ €­‚ƒƒ „ „­†  †   ƒ‚ €­€­    ˆˆ ‡ˆ‰†Š      € ƒ‰€ƒ­€­ ­€ ‚      ‡ƒ€ ­       ƒ‚ €­€­  €       Š‹Œ      ­“ †”•ƒ‰€ƒ ˆŽ ƒ ƒ‘        Š‹Œ ’ƒƒ ­„ ’      ­“­€­€ †”•ƒ‰€ƒ            ˆŽ ƒ ƒ‘      ’ƒƒ ­„ ’  ­€­€        ­€‚ ƒ  ­   „     ­€‚   †‡ ˆ   ‰    ­€ Š   €     ­€ ‚   Œ–—˜            ‹Œ     ­      ˆ       Ž  šƒƒ’ €€­„ Ž      Šƒ              ‹ ‘ Œ–—˜ €€  ’™‰€           ­  “      ˆ   €Ž ˆ šƒƒ’ €€­„        Šƒ         ”        ‹• ™‰€        €Ž     Š   –     ‹Œˆ—   ’    ’€‚      Œ˜€   ˆ      ’   ­’           ˆ — ƒ‰€ƒ­€­        ˜     €‚        Œ˜ € ’€ƒƒ‰‘€ ˆ          ­      ˜ ­ ™ ˆ € ƒ‰€ƒ­€­      ’       ˜      ’€ƒƒ‰‘€  €   ƒ „   —        ­€­‚ƒ­ ­„ No. 143 Empire State        ƒ „   — ­‰”€ ­       ƒ­‚ ƒ„ ­€­‚ƒ­ ­„ Realty Trust Inc.       ­‰”€ ­  ˆƒ­‚ ƒ„ Here’s a fun fact: The  ˆ †ƒ ‡ ‡˜‹  ˆˆ ˆ­   ˆ   ‡ €ƒ­ owners of the Empire Š­­Š‰ƒ›ƒ     †ƒ ‡ ‡˜‹  €„­  € ˆˆ ˆ­   ˆ  ­ƒ­­ ‡ €ƒ­ State Building make  Š­­Š‰ƒ›ƒ      €„­  €  ­ƒ­­   more money from †‡‰€‚  œ—  ­     ­“ ƒ‰€ƒ­€­ tourists visiting the ž€ ­˜Ÿ€‘œ‘ Ÿ †‡‰€‚  œ— ƒ ƒ‰   ­     ­“€ ƒ‰€ƒ­€­  ž€ ­˜Ÿ€‘œ‘ Ÿ  ƒ ƒ‰  € observation decks   than from renting † Š  ‡œ   ‹   ˆ ­€­‚ƒ­ ­„ out the tower’s office Šƒ      † Š  ‡œ  ‰€   ‹   ˆƒ­‚ ƒ„ ­€­‚ƒ­ ­„  Šƒ        ‰€  ˆƒ­‚ ƒ„ space. To be exact,  ˆ 4.3 million tourists „ŒŽ —œ¡ ˆˆˆ ˆ    ž € ƒ€  ˜ ƒ‹ƒ­œ‘ „ŒŽ —œ¡ ‰”‚ƒ­€ ˆˆˆ ˆ   ˆ ž € ƒ€ forked over $125 mil-  ˜ ƒ‹ƒ­œ‘  ‰”‚ƒ­€  ˆ lion last year to visit Š ˆ    †€•  ˆ the decks on the 86th         Š ’•­ƒ­ƒ‰ ˆ ˆ   •­ƒ­ƒ‰€€ †€•        ’•­ƒ­ƒ‰  ˆ•­ƒ­ƒ‰€€ and 102nd floors, ˆ while commercial †‘ ‡¢  ˆ ˆˆ    ƒ‰€ƒ­€­ Šƒ      †‘ ‡¢ ”ƒ  ˆ ˆˆ   € ƒ‰€ƒ­€­ tenants paid $120  Šƒ       ”ƒ  € million in rent. Ponder   that the next time you’re waiting in line           for the elevator.               ­€ ‚     ƒ    ­€  „ † ‡  ˆ   ­ ‰  ­ Š      ­­€ € ‚           ƒ    ‹Œ   ­€   „  †   ‡   ˆ     ­‰ Ž   Ž   ­ Š     ­ €   ‹ ‘    ­­    ’      ‹Œ             “           ­ Ž Ž   Ž             ”      ‹ ‘  ­­     ‹• ’              ­Ž  “     ‰     – ­   ‹ŒŽ  —   ’       ’   ”       ­    ‹•        ’    ­Ž’      ‰     –   —   ‹Œ —    ’ ˜  ˜ ™š’    ’     ­       ’   ’             —     ˜  ˜ ™š’      

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COMPANY RANK COMPANY RANK COMPANY RANK COMPANY RANK COMPANY RANK

ABM Industries Inc.------57 Children’s Place Inc.------93 International Flavors & Fragrances---73 MSG Networks Inc.------145 Signature Bank------112 Aéropostale Inc.------104 Chimera Investment Corp.------124 Interpublic Group of Cos. Inc.------47 Inc.------69 Sirius XM Holdings Inc.------59 Alcoa Corp.------43 CIT Group Inc.------74 INTL FCStone Inc.------144 National General Holdings Corp.-----71 SL Green Realty Corp.------90 Alleghany Corp.------53 Citigroup Inc.------3 Investors Bancorp Inc.------131 New Media Investment Group Inc.-117 Sotheby’s------134 AMC Networks Inc.------78 Coach Inc.------62 ITT Corp.------82 New Residential Investment Corp.-116 Standard Motor Products Inc.------126 American Express Co.------14 Cognizant Technology Solutions------24 JetBlue Airways Corp.------52 New York & Co. Inc.------129 Steel Partners Holdings------121 American International Group Inc.---10 Colgate-Palmolive Co.------23 John Wiley & Sons Inc.------94 New York Community Bancorp Inc.--92 Steve Madden------110 AmTrust Inc.------55 Consolidated Edison Inc.------33 JPMorgan Chase & Co.------2 New York Times Co.------102 Systemax Inc.------96 Annaly Capital Management Inc.-----85 Coty Inc.------63 Kate Spade & Co.------111 Newell Brands Inc.------25 Take-Two Interactive Software Inc.- 109 Apollo Global Management------88 Dun & Bradstreet Corp.------95 KCG Holdings Inc.------107 News Corp.------45 Tiffany & Co.------66 Arconic Inc.------31 E*Trade Financial Corp.------86 Kimco Realty Corp.------108 Och-Ziff Capital Management Grp.-136 Time Inc.------75 Ares Capital Corp.------127 Empire State Realty Trust Inc.------143 L3 Technologies Inc.------42 Omnicom Group Inc.------22 Time Warner Inc.------15 Ascena Retail Group Inc.------51 Estée Lauder Cos.------36 Leucadia National Corp.------39 1-800-Flowers.com Inc.------118 Tiptree Financial Inc.------149 Assurant Inc.------49 Evercore Partners Inc.------106 Lifetime Brands Inc.------148 Oppenheimer Holdings Inc.------130 Travelers Cos. Inc.------16 Atlas Air Worldwide Holdings Inc.-----91 ExlService Holdings Inc.------142 Loews Corp.------28 Outfront Media Inc.------103 21st Century Fox Inc.------17 Automatic Data Processing Inc.------34 Foot Locker Inc.------48 Mack-Cali Realty Corp.------146 Paramount Group Inc.------141 Two Harbors Investment Corp.------140 Bank of New York Mellon Corp.------21 Fortress Investment Group------120 Macquarie Infrastructure Co.------98 PepsiCo Inc.------7 Verint Systems Inc.------125 Barnes & Noble Inc.------64 G-III Apparel Group------83 Macy’s Inc.------18 Pfizer Inc.------9 Verisk Analytics Inc.------87 Becton Dickinson & Co.------30 Goldman Sachs Group Inc.------13 Madison Square Garden Co.------123 Phibro Animal Health Corp.------137 Verizon Communications Inc.------1 Bed Bath & Beyond Inc.------32 Griffon Corp.------89 Marsh & McLennan Cos.------26 Philip Morris International------5 Viacom Inc.------29 BGC Partners Inc.------81 Hain Celestial Group Inc.------79 MasterCard Inc.------41 Prestige Brands Holdings Inc.------133 Village Super Market Inc.------100 BlackRock Inc.------38 Handy & Harman Ltd.------132 Merck & Co. Inc.------11 Prospect Capital Corp.------135 Virtu Financial Inc.------139 Blackstone Group------58 HC2 Holdings Inc.------101 MetLife Inc.------6 Prudential Financial Inc.------8 Vitamin Shoppe Inc.------114 Bristol-Myers Squibb Co.------19 Henry Schein Inc.------35 MFA Financial Inc.------150 Public Service Enterprise Group------44 Volt Information Sciences Inc.------113 Brixmor Property Group Inc.------115 Hess Corp.------61 Minerals Technologies Inc.------99 PVH Corp.------46 Vornado Realty Trust------80 Broadridge Financial Solutions Inc.- 76 HRG Group Inc.------56 Moelis & Co.------147 Ralph Lauren Corp.------50 Voya Financial Inc.------40 C.R. Bard Inc.------68 IAC/InterActiveCorp.------72 Moody’s Corp.------70 Regeneron Pharmaceuticals Inc.-----60 W.P. Carey & Co.------128 CA Inc.------65 Icahn Enterprises------20 Morgan Stanley------12 Revlon Inc.------84 WebMD Health Corp.------138 CBS Corp.------27 IDT Corp.------105 MSC Industrial Direct Co.------77 S&P Global Inc.------54 Weight Watchers International Inc.-119

BUCK ENNIS Celgene Corp.------37 International Business Machines----- 4 MSCI Inc.------122 Scholastic Corp.------97 Xylem Inc.------67

20 | CRAIN’S NEW YORK BUSINESS | May 22, 2017

P016_P020_CN_20170522.indd 20 5/19/2017 5:14:05 PM SUBJECTTHE LIST | CATEGORYREVERSAL OF FORTUNE

ly very cheap,” wrote analysts at Keefe, Bruyette & Woods earlier this month, but “we think there are better values.” Och, who declined to comment, isn’t the only hedge fund manager with troubles these days. In- vestors withdrew $70 billion from the $3 trillion parked in all hedge funds last year, according to re- search firm HFR, and several of Och’s competitors have called it quits. The New York City Employee Retirement System voted last year to stop investing in hedge funds, as have pension plans in New Jersey and California. Most investor money nowadays is instead flowing to index-fund managers like Van- guard and BlackRock, which neither try to beat the market nor demand hefty management fees. PLAYERS CLUB: Despite setbacks, Och, at an event with actor Michael Douglas and Trump adviser Diminishing returns John Paulson, still runs with the industry elite. From the mid-1990s up to the financial crisis, hedge funds were the hottest thing on Wall Street as young traders discovered they could reap fabulous sums if they could tell investors a plausible story of aniel Och took a break from the how they would beat the markets. There are now turmoil at work this past Decem- thought to be 10,000 hedge funds. WALL STREET’S ber to serve as a chairman of the “The barrier to entry is to raise your hand and UJA-Federation of New York’s say, ‘I’m a hedge fund,’ ” Och observed at the 2009 ­annual Wall Street dinner. He World Economic Forum in Davos, Switzerland. Dchatted with another gala chairman, fellow hedge Och was one of the industry’s bright early stars. fund manager John Paulson, who is one of Presi- In 1994, after about 12 years at Goldman Sachs, dent Donald Trump’s economic advisers. Nearby he launched his firm with a $100 million infusion FALLEN was Och’s neighbor, Goldman Sachs CEO Lloyd from the Ziff family, who made a fortune in maga- Blankfein. Before taking his seat at the dais, he zine publishing and were early backers of many of posed for a photo with movie star Michael Doug- the area’s most successful hedge fund managers, in- las, who entertained the crowd of 2,000 at the New cluding Bill Ackman and James Chanos. York Hilton Midtown by recalling how beautiful Between 1994 and 2007, Och’s OZ Master Fund he thought the women wearing short skirts looked returned an average of about 17% per year, com- STAR during his first trip to Israel in 1965. pared with less than 12% for the S&P 500. Such For Och, the evening was a reminder that his numbers made the world of hedge funds, private Daniel Och’s hedge fund saw standing among the city’s financial elite remains equity and other “alternative investments” look solid, even if the past few years have been absolute- mighty attractive to investors clamoring to get in. the ­steepest revenue drop— ly devastating for his business. In 2007 Och-Ziff went public a few months after 42%—of any publicly held His investment firm, Och-Ziff Capital Manage- Blackstone Group and a firm called Fortress Invest- New York company, thanks to ment Group, agreed to pay a $412 million fine in ment Group issued IPOs. (Blackstone is the city’s September after the government said executives 58th-largest public company; Fortress is No. 121.) a massive corruption scandal paid more than $100 million in bribes to gov- Going public meant raising capital Och-Ziff would ernment officials in Libya, Chad, Niger and the never have to return to investors while providing BY AARON ELSTEIN Democratic Republic of the Congo in return for currency to potentially acquire other hedge funds. opportunities to invest in those countries’ natural The IPO also made Och extremely wealthy. His resources. Och-Ziff’s African subsidiary pleaded stake in the firm was worth billions, and by 2013 his guilty to a conspiracy charge. Though Och wasn’t annual compensation was $400 million. He bought charged criminally, he paid $2.2 million to settle a $41 million apartment on the top floor of 15 Cen- SEC litigation. tral Park West, and Forbes estimates that his per- “Och-Ziff, one of the largest hedge funds, po- sonal fortune is now $3 billion. sitioned itself to profit from the corruption that is But in the past few years, Och appears to have sadly endemic in certain parts of Africa,” Robert lost his touch. His Master Fund has returned less Capers, U.S. attorney in the Eastern District, said than 7% annually since 2011, less than half the rate at the time, adding that the firm “repeatedly funded of the S&P 500. The story is much the same for corrupt transactions.” many other fund managers. HFR’s Fund Weight- “This has been a deeply disappointing episode,” ed Composite Index, a widely accepted measure of Och said of the bribery scandal when the resolution hedge fund performance, has returned about 23% was announced. He called his firm’s conduct “in- over the past five years, compared with 76% for the consistent with our core values.” S&P 500. That underperformance can at least be Longtime clients, including the state pension partly explained by so many hedge fund managers fund, have yanked out more than $12 billion—a chasing similar investment opportunities. It also quarter of Och-Ziff’s assets under management— sheds light on how such exorbitant pay for unearth- since word of trouble first surfaced three years ing hot investments might entice Och’s employees ago. Company revenue sank by 42% last year, the to bribe Libyan and Congolese officials. steepest drop of any publicly traded company in the While the state Common Retirement Fund, city, according to Crain’s research, and has fallen by which started investing with Och-Ziff in 2005, more than half since 2013. The firm’s stock price threw in the towel last year, a handful of long- has also cratered by 90% and is currently trading time investors are sticking with the firm. A unit of for about $2.50 a share. Dubai’s sovereign investment fund retains a 16% But the damage isn’t fully done. Investors con- stake, and mutual fund giant T. Rowe Price has tinue to demand their money back, and analysts say bought 3 million more shares over the past year another surge of redemptions could come by late and now controls more than 9% of Och-Ziff stock. June. Even Wall Street brokerage analysts, general- According to The Wall Street Journal, however, the ly a pretty optimistic bunch, are struggling to find Ziffs have reduced their stake. A spokesman for the

GETTY IMAGES anything nice to say. Och-Ziff’s stock “is potential- family declined to comment. ■

May 22, 2017 | CRAIN’S NEW YORK BUSINESS | 21

P021_CN_20170522.indd 21 5/19/2017 12:22:45 PM THE LIST | PUBLICLY HELD COMPANIES

TRENDS NEW YORK’S LARGEST COMPANIES AFTER A REBOUND, employment at JPMorgan Chase is down again CONTINUED FROM PAGE 11 2008 2011 2016 down in recent years. For instance, Time 300K The changes at Citi say a lot about how Warner, which had $44 billion in revenue in the local economy has changed since the 2007, has since spun off Time Warner Cable financial crisis. Wall Street remains a dom- and Time Inc., so its revenue is now just $29 250K 259,617 inant feature, but many big firms are small- billion. Even so, its ranking on the list hasn’t 243,355 er and less profitable, and employ fewer changed much—No. 15 this year compared 224,960 200K people. Even mighty Goldman Sachs’ $38 with No. 13 in 2007. billion in revenue last year was only about Alcoa and Hess, the 17th- and 18th-­ half of 2007’s giddy level. Pay has moved largest public companies in the metropoli- 150K accordingly. CEO Lloyd Blankfein got $70 tan area in 2007, have fallen to No. 43 and million in 2007; he was awarded $20 million No. 61, respectively. Both made themselves last year. considerably smaller in response to pressure 100K from shareholders. Winners and losers PepsiCo, No. 7, was able to fend off calls The kinds of financial institutions that to break itself up from activist investor Nel- 50K dominate the Crain’s list of largest pub- son Peltz, who is also nudging Bank of New 30,918 35,694 33,000 lic companies have changed too. Gone are York Mellon to restructure. Meanwhile, 0 brokerage houses Merrill Lynch, Lehman überactivist investor Carl Icahn runs a firm New York area Firmwide Brothers and Bear Stearns, where traders that has risen to No. 20 in the city. SOURCES: S&P Global Market Intelligence, Crain’s research, JPMorgan Chase made a fortune betting on the markets until The two companies that have risen the the music stopped. They have been replaced most are Verizon Communications and Ru- by insurance companies like Prudential Fi- pert Murdoch’s News Corp. Verizon, which MURDOCH’S BILLIONS nancial (No. 8) and MetLife (No. 6). ranked No. 5 in 2007, has consistently been Twenty-First Century Fox is 17th on the list, with $27.3 billion in The ascendancy of these players has a the city’s largest public company since the fi- revenue. If it were still part of News Corp. (45th), the combined lot to do with the near-collapse of Ameri- nancial crisis, thanks to revenue growing by revenue would put the company at No. 14, just behind Goldman can International Group, the city’s second-­ 43% over the past 10 years. That’s impressive Sachs and ahead of American Express. largest public company back in 2007. for a company that was already large and AIG was forced to sell assets to help back reflects increased consumer spending on Goldman Sachs 21st Century Fox/ News Corp. American Express its federal bailout money and, in the years wireless telecommunications. In addition, $40 Total after the financial crisis, sold its foreign life- the company paid $130 billion in 2014 to $37,712,000,000 $35,618,000,000 insurance businesses to MetLife and Pru. acquire the 45% stake it didn’t already own $30 $33,823,000,000 Those sales help explain why Pru jumped to in Verizon Wireless. become the area’s eighth-largest public com- As for the Murdoch empire, its growth $27,326,000,000 pany last year, from the 16th a decade ago, is masked a bit by the decision to hive off $20 while AIG slipped to No. 10. Indeed, with 21st Century Fox from News Corp. in 2013. 50,000 employees, AIG’s head count is two- Combined, the two family-controlled giants thirds smaller than before the crisis, and its had $35 billion in revenue last year, a 40% $10 revenue slipped to $52 billion from $113 increase from 2007. Much of that growth $8,292,000,000 billion in 2007. can be attributed to Fox News. Whether that 0 Even companies that weren’t directly af- will continue in light of recent events at the SOURCE: S&P Global Market Intelligence fected by the financial crisis have slimmed network is anyone’s guess. ■

THE TOP 20 PUBLIC COMPANIES BY REVENUE, 2007 AND 2017 RANK 2007 INDUSTRY 2017 INDUSTRY 1 Citigroup Inc. Financial services Verizon Communications Inc. Telecommunications 2 American International Group Inc. Financial services JPMorgan Chase & Co. Financial services 3 JPMorgan Chase & Co. Financial services Citigroup Inc. Financial services 4 International Business Machines Corp. Technology International Business Machines Corp. Technology 5 Verizon Communications Inc. Telecommunications Philip Morris International Tobacco, food and beverages 6 Morgan Stanley Financial services MetLife Inc. Financial services 7 Altria Group Inc.1 Tobacco, food and beverages PepsiCo Inc. Tobacco, food and beverages 8 Goldman Sachs Group Inc. Financial services Prudential Financial Inc. Financial services 9 Merrill Lynch & Co.2 Financial services Pfizer Inc. Health 10 MetLife Inc. Financial services American International Group Inc. Financial services 11 Pfizer Inc. Health Merck & Co. Inc. Health 12 Lehman Brothers Holdings Inc.3 Financial services Morgan Stanley Financial services VERIZON RISES: CITI’S FALL: Time Warner Inc. Media Goldman Sachs Group Inc. Financial services The bank has shrunk 13 Its wireless business has since the recession. 14 Medco Health Solutions Inc.4 Health American Express Co. Financial services led to growth. 15 PepsiCo Inc. Tobacco, food and beverages Time Warner Inc. Media 16 Prudential Financial Inc. Financial services Travelers Cos. Inc. Financial services 17 Alcoa Inc. Energy and minerals 21st Century Fox Inc. Media 18 Hess Corp. Energy and minerals Macy’s Inc. Retail 19 American Express Co. Financial services Bristol-Myers Squibb Co. Health 20 News Corp.5 Media Icahn Enterprises Conglomerate Top 20 public companies by 2006 and 2016 revenue. 1-Moved to Virginia. 2-Acquired by Bank of America in 2008. 3-Declared bankruptcy in 2008. 4-Acquired by Express Scripts in 2012. 5-News Corp. split into two companies, one of which was 21st Century Fox, in 2013.

BUCK ENNIS SOURCE: S&P Global Market Intelligence

22 | CRAIN’S NEW YORK BUSINESS | May 22, 2017

P022_CN_20170522.indd 22 5/19/2017 4:33:56 PM SMALL BIZ | CHORES ON DEMAND

RING LEADERS: Sapone and Beck being tended to by their Alfreds.

y next winter co-living, micro­housing co-founded the company with her Harvard Business operator Ollie plans to have five prop- School classmate Jessica Beck, 31, the chief operat- erties up and running in the New York ing officer. “Buildings have been built into the strat- WELL area. And every one of its more than egy since the first pitch deck.” The company’s mes- 800 residents will have access to a per- sage to the market is: “We are an operating system Bsonal assistant known as an Alfred. Same goes for for buildings,” Sapone added. approximately 30,000 other denizens of buildings To support its growth, Hello Alfred just raised SERVED in New York, San Francisco and Boston, as home-­ $11 million in new financing, bringing its total back- management service Hello Alfred, named after Bat- ing to $23.5 million. The founders declined to reveal Hello Alfred will keep your fridge man’s beloved butler, marks the next phase in its the company’s sales figures, but the potential influx stocked, plants watered and development. of subscribers resulting from the new partnerships apartment clean. Now it’s signing The company, which has pioneered an automated portends a tenfold increase in total revenue. yet intimate on-demand concierge service, was slat- The company has prospered partly by being a deals to bring its butler service to ed to announce May 22 that it has signed partner- good judge of millennials’ tastes. Hello Alfred’s tar- apartment buildings across the country ship deals with 11 residential developers, some with get users, who often put in long hours at work, are a national footprint, more than happy to BY MATTHEW FLAMM and expects to be in pay $279 a month 75 buildings across “WE ARE REINVENTING HOW for the company’s three markets over basic service: In the next 12 months. TECH AND COMMERCE CAN addition to a week- Building operators BRING RETAIL INTO YOUR ly cleaning by an are offering the sub- outside vendor, an scription service to HOME, WHICH IS WHERE IT Alfred, also known residents on a com- as a client manager, plimentary basis, WANTS TO BE” will come in once a potentially bringing week and do mini- millions of dollars mal chores. Those in monthly revenue to the three-year-old startup. include putting away laundry and groceries, drop- The deals illustrate the powerhouse potential ping off dry cleaning and checking on what’s been of the Flatiron District–based company, which used up in the fridge. launched in 2014 and gradually rolled out its service Over time Alfreds learn to anticipate their clients’ to individual customers. All the while the founders grocery needs and can automate their shopping lists were talking to landlords: The company had worked and place orders directly with FreshDirect or Whole its way into 18 properties before these latest deals Foods Market. They can also arrange for additional at the same time as it was refining the service and services, which are not included in the basic fee but getting the kinks out of its operation. which Hello Alfred offers without charging a premi- “Our consumer business has acted as R&D for um price. By providing dry cleaners, home-repair

BUCK ENNIS us,” said Chief Executive Marcela Sapone, 31, who CONTINUED ON PAGE 25

May 22, 2017 | CRAIN’S NEW YORK BUSINESS | 23

P023_P025_CN_20170522.indd 23 5/19/2017 4:04:48 PM Inside Corporate Accounting Issue date: June 12 | Close date: May 25 Go BeyondBeyond thethe Numbers…Numbers… …And Engage Your Best Potential Customers

Crain’s Inside Corporate Accounting section reaches thousands of business decision makers, including those seeking the right fi nancial professionals to oversee their accounting needs.

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For more information, contact Zita Doktor at [email protected] or call 212.210.0717.

Every year, Crain’s ranks the 50 fastest growing companies in New York City. Does your company have what it takes to make the list?

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Untitled-2 1 5/19/17 5:31 PM FACTS SMALL BIZ | CHORES ON DEMAND Inside Corporate Accounting services and the like with customers in company and develop close relation- fred can help their properties stand out. Christopher bulk, the company can negotiate dis- ships with clients. Bledsoe, co-founder and CEO of Ollie, thinks of it as Issue date: June 12 | Close date: May 25 counts of 10% to 20% and then turn a “I don’t distinguish clients by their a necessary addition to properties that are designed profit on the transactions without mark- apartment number,” said Andrea Zam- around making life easier for tenants. 18NUMBER of NYC ing them up. buildings offering parini, a client manager at a building in “Alfred has a platform that hits hard on every com- “We are reinventing how tech and Hello Alfred as of Long Island City. “I distinguish them by ponent of on-demand living,” he said, referring to the commerce can bring retail into your May 21. their name.” A Hunter College graduate range of services the company can provide. Bledsoe home, which is where it wants to be,” and part-time singer-songwriter, Zam- also thinks that Hello Alfred’s workers being employ- Sapone said. “And we can get efficien- parini, 23, has been working for Hello ees “brings a greater level of accountability.” Go BeyondBeyond thethe Numbers…Numbers… For BEB Capital, which owns a 60-unit rental cies that are very difficult to get as a sin- Alfred for nearly two years and earns gle consumer.” $22 an hour, double the current state building in Bayside, Queens, the hope is that Hello …And Engage Your Best Potential Customers minimum wage. Alfred will make the building’s millennial tenants Multitaskers 93NUMBER that plan to Hello Alfred has even stopped using feel they are getting more than just lower rent by liv- In a building that has adopted the some companies that rely on indepen- ing an hour’s bus-and-subway ride from Midtown. Crain’s Inside Corporate Accounting section reaches thousands of business feature the service service, an Alfred can make multiple nationwide as of dent contractors, such as delivery ser- “Everyone in our industry is working on how decision makers, including those seeking the right fi nancial stops at a client’s apartment during May 22. vice ­Instacart and home-services giant to differentiate themselves and minimize down- professionals to oversee their accounting needs. the week rather than just one. Accord- Handy, because Sapone and Beck found time between tenants,” said BEB Capital CEO Lee ing to Sapone, users in these buildings spend more the quality inconsistent. They’ve turned instead to Brodsky. “We feel that Alfred does that for us.” through the platform than individual users, though local, bonded service providers that are able to send But it’s not just developers focused on millennials Don’t miss out on this proven opportunity to align how much more is proprietary information. Across the same person every week. who are partnering with the company. The builders the company, members are spending an average of One close observer of Hello Alfred’s rise says the of Vitre, a 48-unit condominium on East 96th Street, your fi rm with the latest trends and insights! Topics $345 a month on everything from furniture assem- company’s expansion will bring a new challenge: will be offering the service when construction fin- cover accounting, auditing, tax and advisory bly to plant delivery and maintenance. She says that’s ­catering to a wider range of customers. ishes in summer 2018. The one- to three-bedroom developments in key NYC industries like: triple what an Amazon Prime member spends. “They need to make sure that the design of the apartments are considered “affordable luxury” con- Another key to the company’s growth has been customer experience is handled really carefully,” said dos, priced between $900,000 and $4 million, and its practice of classifying Alfreds as employees, rath- New York University professor Arun Sundararajan, aimed at young families. Hello Alfred is a way to add • CPG er than as independent contractors, which tends to who studies the sharing economy. “Part of the prom- a sense of luxury at a reasonable cost. • Private Equity/M&A Activity be the standard arrangement for most workers at ise is that [the Alfred] will anticipate [one’s] needs “It’s a concierge service without having to have a on-demand services. The employee model aligns and fulfill them. Getting a sense for how to do that concierge,” said Michael Belkin, a partner at Won- • Food and Beverage/Restaurant with the company’s ethical values, Sapone said. But across a diverse group of people is going to be cen- der Works Development Group, one of the build- • Manufacturing & Distribution its benefits and wages, which start at $16 an hour tral to their success.” ing’s developers. “If we can keep common charges and go up to $30, have resulted in low rates of churn The residential developers who have signed on down—which is what residents want—while being • Construction and a good number of workers who stay with the to the business are already convinced that Hello Al- able to offer all these amenities, that’s a win-win.”■

For more information, contact Zita Doktor at [email protected] or call 212.210.0717.

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Arts. of Org. filed with Secy. of State of nated agent upon whom process may INGS LLC Appl. for Auth. filed with LLC formed in Delaware (DE) on NY (SSNY) on 5/5/17. Office location: be served and shall mail copy of proc- Secy. of State of NY (SSNY) on 11/17/15. Princ. office of LLC: c/o NY County. SSNY designated as agent ess against LLC to: US Corp. Agents, 04/20/17. Office location: NY County. SuarezBaldomero P.A., 301 Rt. 17 of LLC upon whom process against it Inc., 7014 13th Ave. Ste. 202, Brook- LLC formed in Delaware (DE) on North, Ste. 402, Rutherford, NJ may be served. SSNY shall mail proc- lyn, NY 11228.Purpose any lawful act. 04/12/17. SSNY designated as agent 07070. SSNY designated as agent of ess to: c/o The LLC, 800 3rd Avenue, of LLC upon whom process against it LLC upon whom process against it Ste. 3703, NY, NY 10022. Purpose: may be served. SSNY shall mail proc- Notice of Qualification of LaunchLabs may be served. SSNY shall mail proc- any lawful activity. NYC Operator, LLC Appl. for Auth. filed ess to the LLC, 12 Foxwood Rd., Great Neck, NY 11024. DE addr. of LLC: c/o ess to the LLC at the addr. of its with Secy. of State of NY (SSNY) on princ. office. Cert. of Form. filed with 04/05/17. Office location: NY County. Corporation Service Co., 2711 SD Flushing DE LLC filed an App. for Rocio Medina, Paseo de Cristina 1, E1 LLC formed in Delaware (DE) on Centerville Rd., Ste. 400, Wilmington, Authority with the NY Dept. of State on Po. 3C, Sevilla, Spain 41001. Pur- 03/31/17. Princ. office of LLC: 430 E. DE 19808. Cert. of Form. filed with DE 3/30/2017. Jurisdiction DE. The date pose: Importing and wholesale. 29th St., NY, NY 10016. SSNY desig- Secy. of the State, Div. of Corps., John of its org. is 3/30/2017. Office locat- nated as agent of LLC upon whom proc- G. Townsend Bldg., 401 Federal St. - ed in NY County. The Secretary of the Notice of Qualification of FE TRADING ess against it may be served. SSNY Ste. 4, Dover, DE 19901. Purpose: State of NY ("SSNY") is designated as GROUP, LLC Appl. for Auth. filed with shall mail process to c/o Corporation Any lawful activity. agent upon whom process against it Secy. of State of NY (SSNY) on Service Co. (CSC), 80 State St., Alba- may be served, the address to which 04/12/17. Office location: NY County. ny, NY 12207-2543. DE addr. of LLC: NOTICE OF FORMATION of Peak Electric the SSNY shall mail a copy of such LLC formed in Delaware (DE) on c/o CSC, 2711 Centerville Rd., Ste. LLC. Arts of Org filed with Secy. of process is: 26 W 17th St., Ste 801, 03/10/17. Princ. office of LLC: 13830 400, Wilmington, DE 19808. Cert. of State of NY (SSNY) on 1/23/2017. Of- NY NY 10011. Address maintained in Brainard Ave., Burnham, IL 60633. Form. filed with Secy. of State of State fice location: NEW YORK County. SSNY DE is 850 New Burton Rd. Ste. 201, SSNY designated as agent of LLC upon of DE, 401 Federal St., Dover, DE designated agent upon whom process Dover DE 19904. The authorized offi- whom process against it may be 19901. Purpose: To provide laboratory may be served and shall mail copy of cer in DE where a copy of its Certifi- served. SSNY shall mail process to c/o services to third parties. process against LLC to: 241 Beach cate of Formation can be obtained is Corporation Service Co., 80 State St., 119th Street, Rockaway, New York DE Sec’ty of State, 401 Federal St., Albany, NY 12207-2543. DE addr. of 11694. Purpose: any lawful act. Dover De 19901. The purpose of the Name of LLC: Pinnacle Medical Solu- LLC: 2711 Centerville Rd., Ste. 400, company is: any lawful act. tions LLC. Arts. of Org. filed with NY Wilmington, DE 19808. Cert. of Form. Dept. of State: 2/23/17. Office loca- Notice of Formation of PERFORMANCE filed with Secy. of State, Townsend tion: NY County. Sec. of State designat- MEDICAL PRACTICE, PLLC Arts. of Org. Bldg., 401 Federal St. #4, Dover, DE NOTICE is hereby given that a license ed agent of LLC upon whom process filed with Secy. of State of NY (SSNY) on 19901. Purpose: Any lawful activity. number 1301585 for Liquor has been against it may be served and shall mail 04/10/17. Office location: NY County. applied for by the undersigned to sell process to: 141 E. 56th St., Apt. 3L, Princ. office of PLLC: Marvell Scott, 141 Notice of Formation of G9 LLC. Arts. of liquor at retail in a restaurant under the NY, NY 10022. Purpose: any lawful act. E. 56th St., Apt. 3L, NY, NY 10022. Org. filed with Secy. of State of NY Alcoholic Beverage Control Law at 75 SSNY designated as agent of PLLC upon (SSNY) on 4/11/17. Office location: Murray Street, New York, N.Y. 10007 Notice of Qualification of LSP SOLAR whom process against it may be served. NY County. SSNY designated as agent for on premise consumption. The 75 ENTERPRISE, LLC Appl. for Auth. filed SSNY shall mail process to the PLLC at of LLC upon whom process against it Club LLC d/b/a 75 Club. with Secy. of State of NY (SSNY) on the addr. of its princ. office. Purpose: may be served. SSNY shall mail proc- 04/05/17. Office location: NY County. Practice of medicine. ess to: 660 Madison Avenue, NY, NY Notice is hereby given that a license, LLC formed in Delaware (DE) on 10065. Purpose: any lawful activity. with a pending Ser No., has been ap- 03/31/17. SSNY designated as agent Notice of Formation: USTV Rentals LLC plied for by Island Oyster LLC, to sell liq- of LLC upon whom process against it (LLC) Arts. of Org. filed with the Sec. of NOTICE OF FORMATION of Melt Shop uor, wine and beer at retail in a covered may be served. SSNY shall mail proc- State NY (SSNY) on April 4, 2017. NY Enterprises International, LLC. Arts of tavern lounge on Governors Island un- ess to c/o Corporation Service Co. Office Location: New York County. Org filed w/Secy of State of NY (SSNY) der the ABC Law at Manhattan Ferry (CSC), 80 State St., Albany, NY 12207- SSNY Desig. Agent of LLC upon whom on 3/2/17. Office location: NY Co. Landing, Governors Island, 10 South 2543. DE addr. of LLC: c/o CSC, 2711 process against it may be served. SSNY designated agent upon whom Street, Slip 7 New York, NY 10004 for Centerville Rd., Ste. 400, Wilmington, SSNY to mail copy of process to the process may be served against LLC to: Summer on-premises consumption. DE 19808. Cert. of Form. filed with LLC at its principal business location at 80 State St., Albany, NY 12207. Princ Secy. of State of the State of DE, Div. PO Box 809, New York, NY 10108- place of bus add: 56 W22 St., NY NY of Corps., P.O. Box 898, Dover, DE 0809. Purpose: any lawful purpose. 10010. Purpose: any lawful act. Notice of Qualification of 30/60/90 19903. Purpose: Any lawful activity. STUDIOS, LLC Appl. for Auth. filed with Secy. of State of NY (SSNY) on Notice of Qualification of SOVEREIGN 11/29/16. Office location: NY County. MEDICAL MANAGEMENT LIMITED LIA- LLC formed in Delaware (DE) on BILITY COMPANY Appl. for Auth. filed 10/25/16. Princ. office of LLC: 530 with Secy. of State of NY (SSNY) on W. 45th St., Apt. 9N, NY, NY 10036. 04/12/17. Office location: NY County. Contact Joanne Barbieri SSNY designated as agent of LLC LLC formed in New Jersey (NJ) on upon whom process against it may be 07/06/11. SSNY designated as agent served. SSNY shall mail process to of LLC upon whom process against it at 212-210-0189 for the LLC at the princ. office of the LLC. may be served. SSNY shall mail proc- DE addr. of LLC: c/o Corporation Serv- ess to c/o the LLC, 15-01 Broadway, ice Co., 2711 Centerville Rd., Ste. Stes. 1 and 3, Fair Lawn, NJ 07410. NJ classified advertising 400, Wilmington, DE 19808. Cert. of addr. of LLC: 15-01 Broadway, Stes. 1 Form. filed with DE Secy. of State, and 3, Fair Lawn, NJ 07410. Cert. of John G. Townsend Bldg., 401 Federal Form. filed with State Treasurer, 33 W. opportunities. St., Ste. #4, Dover, DE 19901. Pur- State St., Fifth Fl., Trenton, NJ 08646. pose: Any lawful activity. Purpose: Any lawful activity.

26 | CRAIN’S NEW YORK BUSINESS | MAY 22, 2017

P026-27_P014_CN_20170522.indd 26 5/19/2017 1:56:59 PM EXECUTIVE MOVES Advertising Section New hires, promotions and board appointments. Place your listing at crainsnewyork.com/execmoves or contact [email protected]

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www.crainsnewyork.com/execmoves

MAY 22, 2017 | CRAIN’S NEW YORK BUSINESS | 27

P026-27_P014_CN_20170522.indd 27 5/18/2017 4:39:48 PM GOTHAM GIGS

GAME OF CLUE: Russell is the lead actress and general BY LANCE PIERCE ­manager of the show—and the theater’s landlady.

Role of a lifetime The star of Perfect Crime has performed the same part for 12,335 shows and counting

atherine Russell has made history playing Mar- off-Broadway theater on West 50th Street with two 199-seat CATHERINE RUSSELL garet Thorne Brent in the off-Broadway murder auditoriums and a rehearsal space. She bought seats from a mystery Perfect Crime. Being the leading lady closed theater for $5 each and pulled them out of the floor AGE 61 eight times a week for the past 30 years has herself. She often works 18-hour days, tearing tickets at the BORN New Canaan, Conn. Cearned her the Guinness World Record for the most per- door before jumping onstage, then sweeping the floor af- RESIDES Hell’s Kitchen formances as a character in a play. She has missed only four terward. “I wanted the show to survive,” Russell said. “I’ve EDUCATION B.A. in theater and shows—to attend her siblings’ weddings. always been pretty good at business.” English, Cornell University; M.A. In the summer she gets as far away as the “If you love what A self-described WASP from a family in educational theater, New York Hamptons on her one day off every Thurs- you do, you of lawyers and engineers, Russell want- University day, returning in time for Friday evening’s ed to act since she was little. Her parents don’t get sick LOVE LIFE Russell’s partner of 22 performance. “Every night it’s different,” she ” were supportive but made it clear she had years, pizzeria owner Patrick Ro- said. “Some nights the audience laughs hys- to earn her own way. She has been able to bustelli, began sending her flowers terically, and others not. But every once in a while, everyone accomplish that by wearing several hats. after reading about her in a Wall Street Journal profile. He has seen in the room comes together and it’s magical.” With a master’s in education, Russell teaches English only one performance and walked Critics say she brings a nervous energy to the role that is at Baruch College as well as acting at New York University out when she kissed another man. perfect for a murder mystery. With an average 1,250 people and a school based at her theater, where she and actor Rob- FAN CLUB Tourists from Australia seeing the show each week, at ticket prices that range from ert Sedgwick (Kyra’s brother) teach doormen, electricians and New Zealand flock to the play. $35 to $62, Russell says it ekes out a profit. and other regular people. Now she has taken on the role of Two fans have seen Perfect Crime Perfect Crime has offered Russell multiple roles onstage developer by raising money from private investors to build more than 50 times each. and backstage. Shortly after getting the part of Brent in 1987, five more off-Broadway theaters on West 49th Street. She HUMILITY Russell dislikes curtain she became the play’s general manager. Nearly 10 years later has raised $5 million of the $8 million needed. calls. “Standing ovations embarrass me,” she said. “I feel undeserving.” Perfect Crime lost its performance space, and Russell, to- Despite her success on the business side, Russell has no gether with Armand Hyatt, a Massachusetts-based attor- plans to quit Perfect Crime. “I would be embarrassed if I IN THE WINGS Russell’s under- study, Andrea Leigh, has not played ney who is Perfect Crime’s producer, raised $1.5 million missed a show at this point,” she said. “If you love what you the role in 13 years.

BUCK ENNIS from two investors and a bank loan to build a commercial do, you don’t get sick.” — MIRIAM KREININ SOUCCAR

28 | CRAIN’S NEW YORK BUSINESS | May 22, 2017

P028_CN_20170522.indd 28 5/19/2017 12:23:23 PM SNAPS

Free speech fundraiser raises record sum PEN America, which protects writers’ rights, held a literary salon April 25 under the famous blue whale in the Milstein Hall of Ocean Life at the American Museum of Natural History. Honorees included composer and lyricist Stephen Sondheim, Macmillan CEO John Sargent, imprisoned Ukrainian writer and filmmaker Oleg Sentsov, and even the Jan. 21 global Women’s March. The event raised a record $2 million.

A celebrated writer sat at each table at the literary gala. Author Salman Rushdie and Academy Award–win- ning writer and producer Paul Haggis were among the attendees.

Actresses Meryl Streep and Audra McDonald with honoree Stephen Sondheim, Teaching dance to all children to whom Streep presented the literary service award. “Sondheim’s America is at stake as we gather tonight,” she said. “Because the truth, the arts, the standards, honor and free- dom that Stephen Sondheim has embodied in his work and his life are at the forefront of the struggle that PEN and all of us now engage in.”

Spotlighting positive role models The National Dance ­Institute, a provider of Soledad Journalist free arts programs for O’Brien was the master children, hosted a fund- of ceremonies for raiser April 25 at the Play- Big Brothers Big Sisters Station Theater. Attendees of New York City’s gala included actor Terrence celebrating mentoring Mann and honoree Josh Marva for at-risk youth. Groban, who is nomi- Smalls , executive vice nated for a Tony Award president of global for his performance in inclusion strategy at Natasha, Pierre & the Viacom and board Great Comet of 1812. president of BBBS of NYC, also attended the April 20 event.

Honoree Brandon Marshall, wide receiver for the New York Giants, and Brendan Dougher, who accepted an award for corporate honoree PricewaterhouseCoopers as managing partner of its New York office, at the fundraiser at the New York Hilton Midtown. It brought NDI founder and choreographer Jacques d’Amboise with longtime board members in more than $2 million. Jennie DeScherer and her husband, Richard DeScherer, chief legal and compli- ance officer of Bloomberg LP, attended the dance gala, which raised $1.5 million.

ED LEDERMAN/PEN AMERICA, BEOWULF SHEEHAN/PEN AMERICAN CENTER, ED LEFKOWICZ, TRAVIS KEYES, NAOMI GALAI/GETTY IMAGES ED LEDERMAN/PEN AMERICA, BEOWULF SHEEHAN/PEN AMERICAN CENTER, LEFKOWICZ, TRAVIS SEE MORE OF THIS WEEK’S SNAPS AT CRAINSNEWYORK.COM/SNAPS. GET YOUR GALA IN SNAPS. EMAIL THERESA AGOVINO: [email protected].

May 22, 2017 | CRAIN’S NEW YORK BUSINESS | 29

P029_CN_20170522.indd 29 5/19/2017 12:24:15 PM FOR THE RECORD*

NEW IN TOWN MOVES AND EXPANSION burg that sells Instagram- ■ Temple Sholom president and chief human disclosed. Eastern Consoli- worthy cake doughnuts 262-22 Union Turnpike, resources officer, sold 8,000 dated represented the land- ■ Badshah with flavors such as pink ■ Flying Tiger Queens shares of common stock lord, Thor Retail Advisors, 788 Ninth Ave. lemonade, grapefruit The synagogue filed for for $74.50 per share April and procured the tenant. The former executive chef ­chamomile and peanut 445 Albee Square West, Chapter 11 bankruptcy 20 in a transaction worth of Babu Ji heads up this butter yuzu. Brooklyn April 21, citing estimated $596,000. She now holds COMMERCIAL Indian spot in Hell’s Kitch- The quirky, low-cost Danish assets of $0 to $50,000 and 36,689 shares. ■ Cyrus Capital Partners en. He’s brought with him ■ Kamp Grizzly design shop and variety liabilities of $100,001 to signed a lease for 23,356 the hit appetizer dubbed 37 Greenpoint Ave., store opened a fourth $500,000. The creditors square feet at 65 E. 55th Colonel Tso’s cauliflower. Suite B4A, Brooklyn location, in City Point. with the largest unsecured REAL ESTATE St. The investment-­ The Portland, Ore.–based assets are Union for Reform advising firm will move ■ Brooklyn Owl creative agency that’s ■ Sandwicherie Judaism, owed $125,697; RETAIL from 399 Park Ave. The 252 Flatbush Ave. worked on Adidas projects, 127 Fourth Ave. Jivan Jyoti Inc., owed ■ Aldo signed a 10-year landlord, Equity Office, was Fantasy can become reality including a collaboration The Midtown sandwich $35,000; and the state work- lease to move into a 2,500- represented in-house and at this Park Slope gift shop with chef Eddie Huang, spot that also offers pressed ers’ compensation judgment square-foot space at 556 by Newmark Grubb Knight that offers handmade opened its first New York juices, smoothies and pastas unit, owed $25,500. Broadway. The footwear Frank. CBRE represented unicorn horns and instruc- office, in Greenpoint. opened a second location, brand plans to move from the tenant. The asking rent tions on transforming into in Union Square. 579 Broadway. The landlord, was $150 per square foot. “unicorn beings.” ■ Made Nice STOCK TRANSACTIONS Royal Crospin, dealt directly 8 W. 28th St. with the tenant’s CBRE ■ Carmel Partners signed ■ Ceysson & Bénétière The cooking duo behind BANKRUPTCIES ■ JPMorgan Chase & Co. brokers. The asking rent a five-year deal for 6,200 956 Madison Ave. critically acclaimed restau- (JPM-N) was $2 million per year. square feet at 805 Third French gallery owners rant Eleven Madison Park ■ BG Property & Board director James Ave. The real estate invest- François Ceysson and Loïc opened its first fast-casual ­Development Inc. Crown bought 11,500 ■ Harvest of the Sea signed ment firm had been a sub- Bénétière make their New outpost, in NoMad. 5 Lorimer St., Brooklyn shares of common stock at a 10-year lease for 700 tenant at the building since York debut with an Upper The company filed for prices ranging from $85.47 square feet at 92 Rivington 2009 and will continue to East Side gallery. ■ Yokoya Ramen Chapter 11 bankruptcy to $85.49 per share April St. There isn’t a set opening occupy a portion of the 20th 201 Allen St. April 20. The filing cites 19 in transactions worth date for the new seafood floor. The landlord,­Cohen ■ Du’s Donuts This Japanese joint is the ­estimated assets and $982,991. He now holds restaurant, but it’ll be run Brothers Realty Corp., 107 N. 12th St., Brooklyn second ramen shop to open liabilities of $500,000 to 12,803,865 shares. by the owner behind M was represented in-house. Former Top Chef judge recently on Allen Street on $1 million. The filing Shanghai Bistro & Garden ­Byrnam Wood represented ­Wylie Dufresne opened a the Lower East Side. Bao included no creditors with ■ Foot Locker (FL-N) in Williamsburg. The asking the tenant. The asking rent pastry shop in Williams- buns are also on the menu. unsecured claims. Paulette Alviti, senior vice rent for the deal was not was $65 per square foot. ■

Wednesday, June 14, 2017 Sheraton New York Times Square Hotel REAL ESTATE CONFERENCE 811 Seventh Avenue 8:00 a.m. – 8:30 a.m. Registration and Networking Breakfast DON’T JUST THINK BIG. 8:30 a.m. – 12:00 p.m. Program BUILD BIG. Cost to Attend: $300 for individual ticket(s) In an era of high land and labor costs, when government wants a stake in a $3,000 for table(s) of 10 guests builder’s revenue for public infrastructure, the private and public sector can work together to build transformative projects worthy of a great global city. $4,400 for table of 10 guests + journal ad OPENING KEYNOTE: You must be pre-registered to attend this event. Hear from Marc Holliday, Chief Executive Offi cer, SL Green Corp, on the magnitude, complexities No refunds permitted. and transformational impact One Vanderbilt will have not only on Midtown East but also the rest of the city. For more event information: Ashlee Schuppius PANEL DISCUSSION: What’s the Big Idea? 212-210-0739 STATEN ISLAND: JOHN CETRA, FAIA, Founder, CetraRuddy [email protected] MANHATTAN: JOHN J. DEGNAN, Chairman, The Port Authority of New York and New Jersey For sponsorship opportunities: BRONX: MARK GINSBERG, FAIA, LEED, AP Principal, Curtis + Ginsberg Architects QUEENS: JAMIE TORRES SPRINGER, Senior Principal, HR&A Advisors Irene Bar-Am BROOKLYN: CHRIS WARD, Senior Vice President and Chief Executive, Metro New York, AECOM 212-210-0133 [email protected] PANEL DISCUSSION: How Big Happens* MARTY BURGER, Chief Executive Offi cer, Silverstein Properties, Inc. »REGISTERTODAY« PURNIMA KAPUR, Executive Director, New York City Department of City Planning crainsnewyork.com/events-rejune2017

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30 | CRAIN’S NEW YORK BUSINESS | May 22, 2017

P030_CN_20170522.indd 30 5/19/2017 12:24:54 PM PHOTO FINISH

Moving experience t the elbow where the High Line curves around the West Side rail yards, construction is underway on e Shed, a $425 million arts center Aon the south side of Hudson Yards at West 30th Street. e distinctive design feature of the steel- framed building is a telescoping outer shell, shown in progress here, that can expand into the public plaza to create a 120-foot-high, 16,000- square-foot hall big enough to seat 1,250. e curving lattice frame will be clad in a high-tech transparent material called ETFE, a plastic polymer that is lighter and stronger than glass and minimizes glare. Construction is scheduled to end in late 2018, and the center will open in spring 2019 with a major new work by Bronx-born concep- tual artist Lawrence Weiner. — JEANHEE KIM BUCK ENNIS

MAY 22, 2017 | CRAIN’S NEW YORK BUSINESS | 31

P031_CN_20170522.indd 31 5/19/17 6:57 PM Formerly WSP | PARSONS BRINCKERHOFF

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